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Categories >> Accounting >> Accounting AllOther
 
 


 

 
 Audit interview questions  Audit Interview Questions (428)
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 Taxation interview questions  Taxation Interview Questions (1899)
 Accounting General interview questions  Accounting General Interview Questions (2810)
 Accounting AllOther interview questions  Accounting AllOther Interview Questions (4364)
Question
what is profit & loss A/c? difference between income & 
expenditure A/c
 Question Submitted By :: Accounting-AllOther
I also faced this Question!!     Answer Posted By  
 
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 ?    58 Yes 5 No
Gayathriprasad
 
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 ?    13 Yes 4 No
Raja Mohamed
 
 
 
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
 

 
 
 
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