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Management Sciences
MEDIUM
ENGLISH
Management Sciences
Which of the following is not true with regard to preparation of Profit & Loss Account?
Profit & Loss Account is prepared for a certain period and hence it is an interim statement
Correct answer
B
Profit & Loss Account does not disclose the effect of non-financial items
Option B
C
Net Profits are ascertained on the basis of current costs
Option C
D
Net Profits as disclosed by P&L Account is not absolute
Option D
Correct answer: A
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