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
why there is a price band for IPO(initial public offer)? And at what price the investor can issue those ipos?
Please send all the previous year question on SBI clerical post.My e-mail ID is raffiq1182@yahoo.com
What do you know about "pradhan mantri jan dhan yojana"?
What is Yield?
Who is the Governor, Chief Minsiter and Other Ministers of Your State (Like Education, Tourism Ministers)?
What are commercial papers?
What do you know about the Banking Sector?
How many alpha- numeric numbers are there in total in a PAN Card?
What do you know about RBI? State its role economic development of the nation?
Which committee had worked for the recapitalisation of regional rural banks (rrb’s)?
Can you differentiate between cheque and draft?
What is the difference between wealth, cash n money?
Define E- Commerce?
What is a probation period?
What is the monetary policy of RBI and what are the various instruments used to control it?
