The purpose of preparation of profit and loss account is: a. To find out profit or loss ratio b. To find out gross profit c. To find out net profit d. To find out share of profit or loss of each partner

The purpose of preparation of profit and loss account is: a. To find out profit or loss ratio b. To find out gross profit c. To find out net profit d. To find out share of profit or loss of each partner

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 29GI

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Definition Definition Amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item

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