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Net Profit or Loss will be derived at _______ stage of accounting
  • a)
    Classifying
  • b)
    Interpretation 
  • c)
    Recording 
  • d)
    Summarising 
Correct answer is 'D'. Can you explain this answer?

Answers

The answer is D.Summarising stage is concerned with the preparation and presentation of the classified data in a manner useful to the internal as well as external users of financial statements. This process leads to the preparation of the following financial statements. Therefore, Net Profit or Loss is derived at the summarising stage.

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Net Profit or Loss will be derived at _______ stage of accountinga)Classifyingb)Interpretationc)Recordingd)SummarisingCorrect answer is 'D'. Can you explain this answer?
Interpretation is correct answer

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Net profit or loss is been taken out by the p and L account of a Firm and p/l account is the form of summarising which was one of the feature of accounting

Net Profit or Loss will be derived at _______ stage of accountinga)Classifyingb)Interpretationc)Recordingd)SummarisingCorrect answer is 'D'. Can you explain this answer?
Read the theory part of Summarising. You will know it better

Summarising

Net Profit or Loss will be derived at _______ stage of accountinga)Classifyingb)Interpretationc)Recordingd)SummarisingCorrect answer is 'D'. Can you explain this answer?
Yes, At the end we will do Summarize our whole transactions and Take report of net Profit or net loss

D

Net Profit or Loss will be derived at _______ stage of accountinga)Classifyingb)Interpretationc)Recordingd)SummarisingCorrect answer is 'D'. Can you explain this answer?
C

C)

Question Description
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The answer is D.Summarising stage is concerned with the preparation and presentation of the classified data in a manner useful to the internal as well as external users of financial statements. This process leads to the preparation of the following financial statements. Therefore, Net Profit or Loss is derived at the summarising stage.