In the income statement we may get profit or loss but the name of the statement was Profit and Loss account Why it was so?
Answer Posted / mudunuri
In the income statement there may be other revenue receipts other than main activity of the business. Even though main business activity brings loss to the concern and because of other income it will result in profits. Hence Profit and loss account is a mixed statement with loss from main activity and profit from other activity
Is This Answer Correct ? | 1 Yes | 0 No |
Post New Answer View All Answers
we have registered to MCCIA(Maratta Chember of Commerce Ind & Agri.).They given a Tax Invoice against this registration with charging service tax@10.3%.can we take credit of this service charge ?
Differentiate public and private accounting?
What do you mean by Bill of Exchnage.How to manage ? Explain
What is the difference between a cash flow statement and an accural profit & loss account ? And why do simple organisations do not feel the need for a profit and loss type of statement ?
If a promoter has purchased an asset on behalf of the company before the incorporation of the same then what will be the accounting treatment to record the asset in the books of company
Anti Takeover policies
What is an over accrual?
What is the Technology used to carry out trades? Pls Tell me as early as possible.
Please advise how to calculate net asset....
what are your current financial and accounting projects? What is your role?
what is faviourable balance,and overdraf balance in Brs? Give me sms on this no. 9885789716
Why does the accounting equation have to balance?
Tell me what are the activities that includes in cash flow statement?
state (5) accounting concepts and give 1 example of each
What is aggregate Liabilities ?