On the basis of the information given, identify the account. 1. It contains items of revenue nature only. 2. It is prepared to ascertain the Gross profit or the Gross loss.

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KollegeApply · Accepted Answer

Trading account Explanation: A Trading Account contains only revenue (direct) items and is prepared to ascertain gross profit or gross loss for the period; it’s the first-stage final account, recording cost of goods sold and direct expenses against sales.

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