Which of the following is the balance sheet account group that includes the profit or loss for the current accounting period ? a) 54 Profit Reserves Account Group B) 57 Retained Earnings Account Group NS) 52 Capital Reserves Account Group D) 58 Previous Years Losses Account Group TO) 59 Net Profit/Loss Account Group for the Period

Which of the following is the balance sheet account group that includes the profit or loss for the current accounting period ? a) 54 Profit Reserves Account Group B) 57 Retained Earnings Account Group NS) 52 Capital Reserves Account Group D) 58 Previous Years Losses Account Group TO) 59 Net Profit/Loss Account Group for the Period

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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4 -

Which of the following is the balance sheet account group that includes the profit or loss for the current accounting period ?

a)	54 Profit Reserves Account Group

B)	57 Retained Earnings Account Group

NS)	52 Capital Reserves Account Group

D)	58 Previous Years Losses Account Group

TO)	59 Net Profit/Loss Account Group for the Period

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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The profits that are earned by the entity and not distributed to the owners of the entity are accumulated in the retained earnings.

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