FINANCIAL STATEMENT

Debit balance in the profit and loss A/c is Profit or Loss

Cost of obtaining licence to carry out business is a Capital Expenditure or Revenue Expenditure

Carriage inwards is debited to ___________ A/c

Profit and Loss A/c shows the financial position of the entity

Closing stock is always valued at cost price.

Sales are equal to Cost of goods sold plus Gross profit

Carriage outwards is shown in Trading A/c

Though _______ forms a part of final accounts, in fact it is not an account.

Selling expenses are to be shown in __________ side of __________.

Expenses and income of ________ nature are shown in Trading and Profit and Loss A/c

Assets A/c always show __________ balance.

Which type of expenses are shown in Trading A/c?