Question : ____________ shows the financial performance, i.e., the result of business operations during an accounting period and is also known as an Income Statement.

Option 1: Profit and loss account

Option 2: Balance sheet 

Option 3: Manufacturing account

Option 4: None of the above

Question : Which of the following are not the Characteristics of Statement of Profit and Loss (Profit and Loss Account)?

Option 1: It shows the financial performance of a company, i.e., revenues, expenses and Profit or loss for the period.

Option 2: It is prepared for a past period and thus, is a historical document.

Option 3: It is for a specific accounting period.

Option 4: None of the above

Question : Which of the following are not the Characteristics of Statement of Profit and Loss (Profit and Loss Account)?

Option 1: It shows the financial performance of a company, i.e., revenues, expenses and Profit or loss for the period.

Option 2: It is prepared for a past period and thus, is a historical document.

Option 3: It is for a specific accounting period.

Option 4: None of the above

Question : What ate the reports that computerized accounting software takes into consideration as input through Accounting Software?

Option 1: Day books/journals

Option 2: ledger

Option 3: trial balance, position statement (Balance Sheet) and Statement of Profit and Loss (Profit and Loss Account)

Option 4: All of the above

Question : Common-size Balance Sheet shows the percentage relation of each asset/equity and liability…………

Option 1: One accounting period

Option 2: Two or more accounting period

Option 3: To the total of assets/total of equity and liabilities

Option 4: None of the above