Which of the following is the balance sheet account group that includes the profit or loss for the current accounting period ? a) 54 Profit Reserves Account Group B) 57 Retained Earnings Account Group NS) 52 Capital Reserves Account Group D) 58 Previous Years Losses Account Group TO) 59 Net Profit/Loss Account Group for the Period

Which of the following is the balance sheet account group that includes the profit or loss for the current accounting period ? a) 54 Profit Reserves Account Group B) 57 Retained Earnings Account Group NS) 52 Capital Reserves Account Group D) 58 Previous Years Losses Account Group TO) 59 Net Profit/Loss Account Group for the Period

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter1: Accounting As A Form Of Communication

Section: Chapter Questions

Problem 1.10E: Net Income (or Loss) and Retained Earnings The following information is available from the records...

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Which of the following is the balance sheet account group that includes the profit or loss for the current accounting period ?

a)	54 Profit Reserves Account Group

B)	57 Retained Earnings Account Group

NS)	52 Capital Reserves Account Group

D)	58 Previous Years Losses Account Group

TO)	59 Net Profit/Loss Account Group for the Period

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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