6 -Which of the following accounts is not credited to 690 Period Profit or Loss Account ? a)Exchange Profits B)Securities Sales Profits NS)Other Income and Profits D)Equity Issuance Profits TO)Prior Period Income and Profits

Answered: Which of the following accounts is not…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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6 -

Which of the following accounts is not credited to 690 Period Profit or Loss Account ?

a)	Exchange Profits

B)	Securities Sales Profits

NS)	Other Income and Profits

D)	Equity Issuance Profits

TO)	Prior Period Income and Profits

Expert Solution

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The answer for the multiple choice question and relevant explanation are presented hereunder :

Generally a Profit and loss account shows all other incomes /gains received by an organisation in addition to revenue from Sales or services performed.

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