Profit and Loss Statement Includes the Following Account Types

question 15

Multiple Choice

Profit and Loss Statement includes the following account types:

• A)Assets,Revenues,Expenses and Liabilities.
• B)Assets,Revenues,and Owners' Equity.
• C)Expenses,Liabilities,and Owners' Equity.
• D)Revenues and Expenses.

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Definitions:

Gift

Something given voluntarily without payment in return, often as a symbol of affection or goodwill.

Contract

An agreement between multiple parties that is recognized and can be enforced by the legal system.

Promissory Estoppel

A legal principle that prevents a party from withdrawing a promise made to a second party if the latter has reasonably relied on that promise to their detriment.

Promisee

The party in a contract who is to receive the benefit or performance specified in the agreement.