Interested to Buy Any Domain ? << Click Here >> for more details...
Answer Posted / ajina
The difference between Profit and loss account and Balance sheet are;
1. Balance sheet is a statement of assets and liabilities, whereas profit and loss is an account.
2. Balance sheet discloses the financial position of the business on a particular date, whereas, profit and loss account discloses profits earned or losses suffered during an accounting period.
3. Profit and loss account is prepared for the accounting period ending, whereas, Balance sheet is prepared as at the last day of accounting period.
4. Accounts which are transferred to Balance sheet do not lose their identity and become the opening balances for next period, whereas, those accounts which are transferred to the profit loss account are closed and cease to exist.
| Is This Answer Correct ? | 16 Yes | 2 No |
Post New Answer View All Answers
What is open market operation?
What do you know about the manufacturing sector?
Tell good things and bad things about graduation stream.
Share your views on India 2020?
What were the issues which were demonstrated in the G - 8 summits recently and are drawing huge attention?
What is recession? What is the cause for the present recession?
What do you mean by return on assets? What does it indicate?
What is CAG?
What is Statutory Company?
The Director has been asked to cut the operating budget by 10%. He has asked you to prepare recommendations for reducing the budget. How would you approach this task?
What are the features of NABARD?
When was NABARD established?
what is irr?
Explain turnover group ratios.
What are the various risks that banks face?
