Net profit is calculated in the
A: Trading account
B: Profit and loss account
C: Trial balance
D: Balance sheet
A: Trading account
B: Profit and loss account
C: Trial balance
D: Balance sheet
举一反三
- When the financial statements are prepared, the Bad Debts Account is closed by a transfer to the A: Balance Sheet B: Profit and Loss Account C: Trading Account D: Al lowance for Doubtful Debts Account
- When preparing a budgeted balance sheet, the balance in the cash account is found on the ________.
- The official settlements balance or balance of payments is the sum of the current account balance and the capital account balance.
- A firm's ________ reports the profit or loss for the firm over a specified time period. A: income statement B: balance sheet C: statement of cash flows D: bank statement
- Stock purchased was debited incorrectly to the motor vehicles account. The effect on the profit and loss account would be ？ A: Asset unaffected B: Asset understated C: Profit unaffected D: Profit affected