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Categories >> Accounting >> Accounting AllOther
 
 


 

 
 Audit interview questions  Audit Interview Questions (422)
 CompanyAffairs CS interview questions  CompanyAffairs CS Interview Questions (157)
 Taxation interview questions  Taxation Interview Questions (1893)
 Accounting General interview questions  Accounting General Interview Questions (2783)
 Accounting AllOther interview questions  Accounting AllOther Interview Questions (4354)
Question
what is profit & loss A/c? difference between income & 
expenditure A/c
 Question Submitted By :: Riya P.
I also faced this Question!!     Rank Answer Posted By  
 
  Re: what is profit & loss A/c? difference between income & expenditure A/c
Answer
# 1
Profit & Loss A/c is a statement which gives the net profit
earned by a company, after considering all other incomes
and expenses incurred over a period. This helps the company
to monitor and control the costs incurred and improved its
efficiency. And it is prepared by all trading and
manufacturing companies where the main aim of the company
is to earn profit.

Income & Expenditure A/c is prepared by the non-traing or
non-profit organisations, i.e Service Organisations where
the main aim of the company in not profit earning but the
sevice providing.

In Income & Expenditure A/c the income is not termed as
profit, but termed as excess of income over expenses & in
the same way the loss termed as Excess of Expenses over
Income
 
Is This Answer Correct ?    56 Yes 5 No
Gayathriprasad
 
  Re: what is profit & loss A/c? difference between income & expenditure A/c
Answer
# 2
Profit loss A/c is maintanined the organistaion all tye of
expenses and incomes included the profit loss A/c . profit
loss A/c is give to the net profit or net loos.

Income expenditure a/c is maintanined the non profit- loss
earning organisation is maiuntained Example Service
organisation.
 
Is This Answer Correct ?    12 Yes 4 No
Raja Mohamed
 
 
 
  Re: what is profit & loss A/c? difference between income & expenditure A/c
Answer
# 3
p&l a/c is maintained to know the net profit of an
organisation but profit and loss a/c prepared to know
whether co., getting or loss
 
Is This Answer Correct ?    3 Yes 9 No
Chetan
 

 
 
 
Other Accounting AllOther Interview Questions
 
  Question Asked @ Answers
 
write an email to custmer JPMorgan-Chase 2
INDEPENDENT BRANCHS   1
what is the difference between GATT & WTO   2
Expand-------BACD   1
HOW CAN I BOOKED RS.200000/ LETTER OF CREDIT(L/C)A/C WITH PARTIES THROUGH BANK IN TALLY.   1
what is deferred revenue expenditure? Capital-IQ 10
I am completed MBA finance & Mcom, I had 8 years experience in accounts field. I am interested in software. can shift my in software. whcih course i select   2
WHAT IS 'ABSORPTION AND CONSOLIDATION'? BA-Continnum-Solutions 1
can aney one explain it what is spin off / split off ?   2
IF A COMPANY PURCHASE THE GOODS FOR RS. 100 AND INTENDS TO SELL IT FOR 200. WHAT IS THE JOURNAL ENTRY FOR THIS? Cap-Gemini 17
suppose you make a bill with service tax and on the time of service tax return you have deposit the same. but now party denies to pay the value of service tax. what adjustment entry you pass to rectify the a/c.   2
Whats the difference between accounting concepts and conventions?   1
 
For more Accounting AllOther Interview Questions Click Here 
 
 
 
 
 


   
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