:: Home Page            
 Advertise your Business Here     
Browse  |   Placement Papers  |   Company  |   Code Snippets  |   Certifications  |   Visa Questions
Post Question  |   Post Answer  |   My Panel  |   Search  |   Articles  |   Topics  |   ERRORS new
   Refer this Site  Refer This Site to Your Friends  Site Map  Bookmark this Site  Set it as your HomePage  Contact Us     Login  |  Sign Up                      
Categories >> Accounting >> Accounting General


 Audit interview questions  Audit Interview Questions (428)
 CompanyAffairs CS interview questions  CompanyAffairs CS Interview Questions (158)
 Taxation interview questions  Taxation Interview Questions (1899)
 Accounting General interview questions  Accounting General Interview Questions (2810)
 Accounting AllOther interview questions  Accounting AllOther Interview Questions (4360)
Distinguish between Profit and Loss Account and Profit and
Loss Appropriation Account.
 Question Submitted By :: Accounting-General
I also faced this Question!!     Answer Posted By  
# 1
Profit & Loss A/c is the Income Statement showing Income and
Expenses for a particular Accounting period to arrive at the
Profit earned or Loss incurred.

Where as Profit & Loss Appropriation Account is a statement
showing the utilisation of Profit shown in the P&L A/c above.

Sales and/or Service Revenue,Other income, Operating,
Administration, marketing/Selling & other expenses for the
period are shown in the P&L A/c, Where as Transfer of Profit
to Reserves, Proposed Dividend, Taxes, etc.,is shown in P&l
Appropriation A/c

In the vertical format P&L A/c items are referred to as
'Above the Line' items & P&L Appropriation items are
referred to as 'Below the Line' items.
Is This Answer Correct ?    59 Yes 6 No
Hr Sreepada Bhagi
# 2
meaning given by sree mam is right

so1. calculations of p and l ac is revenue minus exp
and appropriations is net income - reserve- dividend

2. p and lac is known as income statement,statememt of
and appropriations is statement of retaining earnings

3.the income or loss of profit and loss is transferred to
profit and loss approprations
and income or loss of p and l appropriation is transferred
to balance sheet
Is This Answer Correct ?    25 Yes 5 No

Other Accounting General Interview Questions
  Question Asked @ Answers
purchased a laptop for Rs.50000 and received one calculator costing Rs.1000 for free. Both laptop and calculator (stationery in nature) are meant for office use.What will be the journal entry in the books of both the parties?   21
Calculate the P/V Ratio and BEP from the following particulars. Sales 5,00,000 Fixed Cost 1,00,000 Profit 1,50,000   3
Under which category in the balace sheet will closing stock appear Banking 3
What is holding company?   2
what is entry godds drwings in personol use my point of viwe is drwaings ac dr To goods   2
What is the mean of capital in account   5
what is differnce between Investment banker and intvestment manager???? Capital-IQ 3
What is capital?   8
what is insurance? And Type of insurance?   3
What is the method to determine / set the credit limit for the customer ? Genpact 3
Which type of transactions are used in TallyJournal? Optimus 3
In Accounting Terms 1. what is meant by debit Rs.1000/- to Mr.Ramu account ?. 2. What is meant by credit Rs.1000/- to Mr.Ramu account ?. 3. What is meant by Ramu account was Debited or Credited ?. 4. Generally in accounting terms what is meant by Debit or Credit His / Her account ?.   2
For more Accounting General Interview Questions Click Here 

Copyright Policy  |  Terms of Service  |  Articles  |  Site Map  |  RSS Site Map  |  Contact Us
Copyright 2013  All Rights Reserved.   ::