Q80
The Profit & Loss statement can be displayed in ________ format(s).
A.
Horizontal
B.
Vertical
C.
A or B
AnswerD.
None of the above
Answer: Option C
Solution
Answer: Option C
Solution:
The Profit & Loss A/c is a periodic statement, which shows the net result of business operations for a specified period. All the expenses incurred and incomes earned during the reporting period are recorded here. The Profit & Loss A/c is in horizontal form, by default. It can be view in vertical format by enabling the option Show Vertical Profit & Loss? by clicking F12: Configure