A. net profile or loss for the year
B. gross profit or loss for the year
C. accumulated fund for the year
D. gross profit on manufacturing
Correct Answer: Option B
B. gross profit or loss for the year
Explanation
The purpose of the profit and loss account is to: Show whether a business has made a PROFIT or LOSS over a financial year. It describes how the profit or loss arose – e.g. categorizing costs between “cost of sales” and operating costs.
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