{"id":8715,"date":"2024-04-15T03:05:04","date_gmt":"2024-04-15T03:05:04","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=8715"},"modified":"2024-04-15T03:05:04","modified_gmt":"2024-04-15T03:05:04","slug":"the-following-is-a-statement-of-revenues-and-expenses-for-a-specific-period-of-time-a-trading-account-b-trial-balance-c-profit-loss-statements-d-balance-sheet","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/the-following-is-a-statement-of-revenues-and-expenses-for-a-specific-period-of-time-a-trading-account-b-trial-balance-c-profit-loss-statements-d-balance-sheet\/","title":{"rendered":"The following is a statement of revenues and expenses for a specific period of time A. Trading account B. Trial Balance C. Profit & Loss statements D. Balance Sheet"},"content":{"rendered":"

[amp_mcq option1=”Trading account” option2=”Trial Balance” option3=”Profit & Loss statements” option4=”Balance Sheet” correct=”option3″]<\/p>\n

The correct answer is C. Profit & Loss statements.<\/p>\n

A Profit & Loss statement is a financial statement that reports a company’s revenues and expenses for a specific period of time, usually a quarter or a year. It is also known as an income statement or a statement of financial performance.<\/p>\n

A Trading account is a statement of the purchases and sales of goods made by a business during a specific period of time. It is also known as a statement of trading results or a statement of gross profit.<\/p>\n

A Trial Balance is a list of all the accounts in a company’s ledger and their balances at a particular point in time. It is used to check the accuracy of the double-entry bookkeeping system.<\/p>\n

A Balance Sheet is a financial statement that reports a company’s assets, liabilities, and equity at a particular point in time. It is also known as a statement of financial position.<\/p>\n","protected":false},"excerpt":{"rendered":"

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