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      Question

      Profit and Loss Account is

      prepared:
      A At a particular point of time Correct Answer Incorrect Answer
      B On fixed date Correct Answer Incorrect Answer
      C For a certain period Correct Answer Incorrect Answer
      D All of these Correct Answer Incorrect Answer

      Solution

      A profit and loss account (also known as an income statement or statement of operations) is a financial statement that summarizes a company's revenues, expenses, gains, and losses over a specified period of time, typically a month, quarter, or year.

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