Question

Which of the following statements is not true about profit and loss account of a farm?

Accepted Answer

all expenses and purchases are listed on the right-hand side

Answer

it is prepared at the end of business period usually a year

Answer

all expenses and purchases are listed on the left-hand side

Answer

all receipts and sales are listed on the right-hand side

Which of the following statements is not true about profit and loss account of a farm?