The purpose of profit and loss account is to ascertain
FINANCIAL
JAMB 2019
The purpose of profit and loss account is to ascertain
- A. Gross profit
- B. Capital
- C. Expenses
- D. Net profit
Correct Answer: D. Net profit
Explanation
The profit and loss account also known as Income statement is prepared to ascertain the net profit. The net profit is ascertain when the expenses is deducted from the Gross Profit.
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