______ is prepared to know the financial position where as ______ is prepared to ascertain the net profit or net loss.

Question

KollegeApply · Accepted Answer

Balance sheet is prepared to know the financial position where as profit and loss account is prepared to ascertain the net profit or net loss. Explanation: The balance sheet shows assets and liabilities on a specific date, revealing financial position, while the profit & loss account records revenues and expenses over a period to determine net profit or net loss.

AChoose Your Answer