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The purpose of profit and loss account is to ascertain

Accounts - Principles of Accounts
JAMB 2019

The purpose of profit and loss account is to ascertain

  • A. Gross profit
  • B. Capital
  • C. Expenses
  • D. Net profit
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Correct Answer: Option D
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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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts