Practicing Success

Target Exam

CUET

Subject

Accountancy

Chapter

Financial Statements of a Company

Question:
What is the other name for the Statement of Profit & Loss?
Options:
Trading Account
Balance Sheet
Income Statement
Operating Profit
Correct Answer:
Income Statement
Explanation:
A profit and loss statement is also known as an income statement, is a financial report that shows a company's revenues and expenses over a given period of time, usually a fiscal quarter or year.A P&L statement is an indicator of the financial health of your company.