what is profit & loss A/c? difference between income &
expenditure A/c
- 3 Answers
- 28049 Views
- Tata Motors, I also Faced
- E-Mail Answers
Answer Posted / gayathriprasad
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 ? | 70 Yes | 6 No |
Post New Answer View All Answers
what salary you expect???
Explain howyou would account for the following items/situations,justifying answers by reference to the conceptual frameworks defintion and rcognition criteria. a)A trinket of sentimental value only b)You are the guarantor for your friends bank loan i) You have no reason to belive that your friend will default on the loan ii) As your friend is in serious financial dificulties,you think it is likely that he will default on the loan c)You receive 1000 shares in X Ltd,trading at $4 each,as a gift from a grateful client. d)The panoramic view of the coast from your cafes windows,which you are convinced attracts customers to your cafe
how we will prepare n file income tax returns for individuals?explain
What do you mean by Adjustment
how can i make transaction related to inflation account in sap ?
I need all WNS interview questions
Short Answer on _____________Revenue Budget
What's the meaning of Preferential Creditor?
all of interview question about coop bank of oromia
What is the treatment of Capital Work in Progress as per the International Accounting Standards.
What is a Balance Sheet & Profit & Loss Account?
what is cost centre , job costing & Budget control. what is the effect of these.Explain its briefly.
What is Free Cash?
All shot cut key use in the tally software & it's uses
what is operational risk and market risk in basel 2 norms.
