The Profit and Loss account showsChoose one optionFinancial position of the concernNet Profit or Net LossGross Profit or Gross LossTotal Expenses

tatement of profit or loss is a ……a.Personal accountb.Special accountc.Real accountd.Nominal accountClear my choice

Net profit is calculated in which of the following account?A) Profit and loss accountB) Balance sheetC) Trial balanceD) Trading account

Net income or loss is: Multiple choice question.all revenue minus all expenses and taxesis net sales minus cost of goods soldis operating expenses minus taxesis gross profit plus operating expenses and taxes

Gross Profit is transferred toChoose one optionCapital AccountAssets A/cProfit and Loss A/cGoodwill a/c

Gross profit is:Group of answer choicesthe amount left over after cost of goods sold is subtracted from net salesnet sales less selling expensessales less sales discountsnet sales less operating expenses