Answered: In profit and loss account, if debit is…

In profit and loss account, if debit is more than the credit, the difference is [A] net profit [B] net loss [C] gross profit [D] none of the above

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 23MC: Which of the following accounts would not be reported under revenue on a simple income statement? A....

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Question

In profit and loss account, if debit is more than the credit, the difference is

[A] net profit
[B] net loss
[C] gross profit
[D] none of the above

Definition Definition Amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item

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