{"id":55989,"date":"2024-04-16T00:36:51","date_gmt":"2024-04-16T00:36:51","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=55989"},"modified":"2024-04-16T00:36:51","modified_gmt":"2024-04-16T00:36:51","slug":"consider-the-following-statements-assertion-a-value-added-statement-is-an-improvement-over-the-traditional-method-of-preparing-profit-and-loss-account-reason-r-value-added-statement-reflects-t","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/consider-the-following-statements-assertion-a-value-added-statement-is-an-improvement-over-the-traditional-method-of-preparing-profit-and-loss-account-reason-r-value-added-statement-reflects-t\/","title":{"rendered":"Consider the following statements: Assertion (A): Value added statement is an improvement over the traditional method of preparing profit and loss account. Reason (R): Value added statement reflects the profit added by the firm and the share of various stockeholders of the business. Now, select your answer:"},"content":{"rendered":"<p>\r\n    <!-- Check if it's an AMP page -->\r\n            <!-- Non-AMP version -->\r\n        <div class=\"mcq-container\" data-quiz-id=\"quizState_6a9790fdbeedf\">\r\n                                            <div class=\"option\" data-option-key=\"option1\" data-is-correct=\"true\">\r\n                    Both A and R are true and R is the correct explanation of A                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option2\" data-is-correct=\"false\">\r\n                    Both A and R are true but R is not the correct explanation of A                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option3\" data-is-correct=\"false\">\r\n                    A is true but R is false                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option4\" data-is-correct=\"false\">\r\n                    A is false but R is true                <\/div>\r\n                            \r\n            <!-- Feedback messages for non-AMP -->\r\n            <div class=\"feedback\" data-feedback=\"wrong\">Answer is Right!<\/div>\r\n            <div class=\"feedback\" data-feedback=\"right\">Answer is Wrong!<\/div>\r\n        <\/div>\r\n\r\n        <script>\r\n        document.addEventListener('DOMContentLoaded', function () {\r\n            var containers = document.querySelectorAll('.mcq-container');\r\n\r\n            containers.forEach(function(container) {\r\n                var options = container.querySelectorAll('.option');\r\n                var feedbackSelect = container.querySelector('[data-feedback=\"select\"]');\r\n                var feedbackWrong = container.querySelector('[data-feedback=\"wrong\"]');\r\n                var feedbackRight = container.querySelector('[data-feedback=\"right\"]');\r\n\r\n                options.forEach(function(option) {\r\n                    option.addEventListener('click', function() {\r\n                        var selectedOption = option.getAttribute('data-option-key');\r\n                        var isCorrect = option.getAttribute('data-is-correct') === 'true';\r\n\r\n                        \/\/ Remove previous selections\r\n                        options.forEach(function(opt) {\r\n                            opt.classList.remove('correct', 'incorrect');\r\n                        });\r\n\r\n                        \/\/ Add the correct\/incorrect class\r\n                        if (isCorrect) {\r\n                            option.classList.add('correct');\r\n                            feedbackRight.hidden = false;\r\n                            feedbackWrong.hidden = true;\r\n                        } else {\r\n                            option.classList.add('incorrect');\r\n                            feedbackRight.hidden = true;\r\n                            feedbackWrong.hidden = false;\r\n                        }\r\n\r\n                        \/\/ Hide select feedback\r\n                        feedbackSelect.hidden = true;\r\n                    });\r\n                });\r\n            });\r\n        });\r\n        <\/script>\r\n    \r\n    <!--more--><\/p>\n<p>The correct answer is: A. Both A and R are true and R is the correct explanation of A.<\/p>\n<p>A value added statement is a financial statement that shows how much value a company has added to its products or services during a specific period of time. It is calculated by subtracting the cost of materials and services from the revenue generated by the company. The value added statement can be used to track a company&#8217;s performance over time, to compare it to other companies in the same industry, and to identify areas where the company can improve its efficiency.<\/p>\n<p>The traditional method of preparing a profit and loss account only shows the <div class=\"telegram-channel-container\">\r\n        <a href=\"https:\/\/t.me\/pscnotes2025\" target=\"_blank\" class=\"telegram-channel-button\">\r\n            <span class=\"telegram-icon\">\r\n                <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 496 512\">\r\n                    <path fill=\"white\" d=\"M248,8C111,8,0,119,0,256s111,248,248,248s248-111,248-248S385,8,248,8z M362,177L320,367c-3,14-10,18-20,14l-56-41l-27,26 c-3,3-5,5-10,5l4-63L323,196c5-5-1-7-8-3l-98,62l-42-13c-9-3-10-9,2-14l162-63C351,160,365,164,362,177z\"\/>\r\n                <\/svg>\r\n            <\/span>\r\n            Join Our Telegram Channel\r\n        <\/a>\r\n    <\/div> profit or loss that a company has made during a specific period of time. It does not show how much value the company has added to its products or services. This can make it difficult to track a company&#8217;s performance over time and to compare it to other companies in the same industry.<\/p>\n<p>The value added statement is an improvement over the traditional method of preparing a profit and loss account because it provides a more complete picture of a company&#8217;s performance. It <div class=\"youtube-subscribe-container\">\r\n        <a href=\"https:\/\/www.youtube.com\/channel\/UCNHT8lW-JmLC68rjBfZhdkg?sub_confirmation=1\" target=\"_blank\" class=\"youtube-subscribe-button\">\r\n            <span class=\"youtube-icon\">\r\n                <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 576 512\">\r\n                    <path d=\"M549.7 124.1c-6.3-23.7-24.8-42.3-48.3-48.6C458.8 64 288 64 288 64S117.2 64 74.6 75.5c-23.5 6.3-42 24.9-48.3 48.6-11.4 42.9-11.4 132.3-11.4 132.3s0 89.4 11.4 132.3c6.3 23.7 24.8 41.5 48.3 47.8C117.2 448 288 448 288 448s170.8 0 213.4-11.5c23.5-6.3 42-24.2 48.3-47.8 11.4-42.9 11.4-132.3 11.4-132.3s0-89.4-11.4-132.3zm-317.5 213.5V175.2l142.7 81.2-142.7 81.2z\"\/>\r\n                <\/svg>\r\n            <\/span>\r\n            Subscribe on YouTube\r\n        <\/a>\r\n    <\/div> shows how much value the company has added to its products or services, which can be used to track its performance over time and to compare it to other companies in the same industry.<\/p>\n<p>The reason (R) is the correct explanation of the assertion (A) because it explains why the value added statement is an improvement over the traditional method of preparing a profit and loss account. The value added statement provides a more complete picture of a company&#8217;s performance by showing how much value the company has added to its products or services. This information can be used to track a company&#8217;s performance over time and to compare it to other companies in the same industry.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Subscribe on YouTube<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[85],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.2 (Yoast SEO v23.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Consider the following statements: Assertion (A): Value added statement is an improvement over the traditional method of preparing profit and loss account. Reason (R): Value added statement reflects the profit added by the firm and the share of various stockeholders of the business. Now, select your answer:<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/exam.pscnotes.com\/mcq\/consider-the-following-statements-assertion-a-value-added-statement-is-an-improvement-over-the-traditional-method-of-preparing-profit-and-loss-account-reason-r-value-added-statement-reflects-t\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Consider the following statements: Assertion (A): Value added statement is an improvement over the traditional method of preparing profit and loss account. Reason (R): Value added statement reflects the profit added by the firm and the share of various stockeholders of the business. Now, select your answer:\" \/>\n<meta property=\"og:description\" content=\"Join Our Telegram Channel Subscribe on YouTube\" \/>\n<meta property=\"og:url\" content=\"https:\/\/exam.pscnotes.com\/mcq\/consider-the-following-statements-assertion-a-value-added-statement-is-an-improvement-over-the-traditional-method-of-preparing-profit-and-loss-account-reason-r-value-added-statement-reflects-t\/\" \/>\n<meta property=\"og:site_name\" content=\"MCQ and Quiz for Exams\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-16T00:36:51+00:00\" \/>\n<meta name=\"author\" content=\"rawan239\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"rawan239\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Consider the following statements: Assertion (A): Value added statement is an improvement over the traditional method of preparing profit and loss account. Reason (R): Value added statement reflects the profit added by the firm and the share of various stockeholders of the business. Now, select your answer:","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/exam.pscnotes.com\/mcq\/consider-the-following-statements-assertion-a-value-added-statement-is-an-improvement-over-the-traditional-method-of-preparing-profit-and-loss-account-reason-r-value-added-statement-reflects-t\/","og_locale":"en_US","og_type":"article","og_title":"Consider the following statements: Assertion (A): Value added statement is an improvement over the traditional method of preparing profit and loss account. Reason (R): Value added statement reflects the profit added by the firm and the share of various stockeholders of the business. Now, select your answer:","og_description":"Join Our Telegram Channel Subscribe on YouTube","og_url":"https:\/\/exam.pscnotes.com\/mcq\/consider-the-following-statements-assertion-a-value-added-statement-is-an-improvement-over-the-traditional-method-of-preparing-profit-and-loss-account-reason-r-value-added-statement-reflects-t\/","og_site_name":"MCQ and Quiz for Exams","article_published_time":"2024-04-16T00:36:51+00:00","author":"rawan239","twitter_card":"summary_large_image","twitter_misc":{"Written by":"rawan239","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/exam.pscnotes.com\/mcq\/consider-the-following-statements-assertion-a-value-added-statement-is-an-improvement-over-the-traditional-method-of-preparing-profit-and-loss-account-reason-r-value-added-statement-reflects-t\/","url":"https:\/\/exam.pscnotes.com\/mcq\/consider-the-following-statements-assertion-a-value-added-statement-is-an-improvement-over-the-traditional-method-of-preparing-profit-and-loss-account-reason-r-value-added-statement-reflects-t\/","name":"Consider the following statements: Assertion (A): Value added statement is an improvement over the traditional method of preparing profit and loss account. Reason (R): Value added statement reflects the profit added by the firm and the share of various stockeholders of the business. Now, select your answer:","isPartOf":{"@id":"https:\/\/exam.pscnotes.com\/mcq\/#website"},"datePublished":"2024-04-16T00:36:51+00:00","dateModified":"2024-04-16T00:36:51+00:00","author":{"@id":"https:\/\/exam.pscnotes.com\/mcq\/#\/schema\/person\/5807dafeb27d2ec82344d6cbd6c3d209"},"breadcrumb":{"@id":"https:\/\/exam.pscnotes.com\/mcq\/consider-the-following-statements-assertion-a-value-added-statement-is-an-improvement-over-the-traditional-method-of-preparing-profit-and-loss-account-reason-r-value-added-statement-reflects-t\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/exam.pscnotes.com\/mcq\/consider-the-following-statements-assertion-a-value-added-statement-is-an-improvement-over-the-traditional-method-of-preparing-profit-and-loss-account-reason-r-value-added-statement-reflects-t\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/exam.pscnotes.com\/mcq\/consider-the-following-statements-assertion-a-value-added-statement-is-an-improvement-over-the-traditional-method-of-preparing-profit-and-loss-account-reason-r-value-added-statement-reflects-t\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/exam.pscnotes.com\/mcq\/"},{"@type":"ListItem","position":2,"name":"mcq","item":"https:\/\/exam.pscnotes.com\/mcq\/category\/mcq\/"},{"@type":"ListItem","position":3,"name":"accounting","item":"https:\/\/exam.pscnotes.com\/mcq\/category\/mcq\/accounting\/"},{"@type":"ListItem","position":4,"name":"Consider the following statements: Assertion (A): Value added statement is an improvement over the traditional method of preparing profit and loss account. Reason (R): Value added statement reflects the profit added by the firm and the share of various stockeholders of the business. Now, select your answer:"}]},{"@type":"WebSite","@id":"https:\/\/exam.pscnotes.com\/mcq\/#website","url":"https:\/\/exam.pscnotes.com\/mcq\/","name":"MCQ and Quiz for Exams","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/exam.pscnotes.com\/mcq\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/exam.pscnotes.com\/mcq\/#\/schema\/person\/5807dafeb27d2ec82344d6cbd6c3d209","name":"rawan239","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/exam.pscnotes.com\/mcq\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/d97f17072bfa490596c8f78363955d55?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/d97f17072bfa490596c8f78363955d55?s=96&d=mm&r=g","caption":"rawan239"},"sameAs":["https:\/\/exam.pscnotes.com"],"url":"https:\/\/exam.pscnotes.com\/mcq\/author\/rawan239\/"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/posts\/55989"}],"collection":[{"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/comments?post=55989"}],"version-history":[{"count":0,"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/posts\/55989\/revisions"}],"wp:attachment":[{"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/media?parent=55989"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/categories?post=55989"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/tags?post=55989"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}