Multiple Choice Questions on A gross profit is transferred to the side of the P L A c ........ for UPSC EPFO Exam Preparation

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Multiple Choice Questions

A gross profit is transferred to the side of the P L A c ........

General Accounting Principles Accounting cycles
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    A gross profit is transferred to the .......................side of the P/L A/c.

    debit

    Incorrect Answer

    credit

    Correct Answer

    cost

    Incorrect Answer

    none of these

    Incorrect Answer
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    Explanation:

    - Option 1: The debit side of the Profit and Loss Account is for expenses and losses, not for recording gross profit.

    - Option 2: Gross profit, which is calculated in the Trading Account, is transferred to the credit side of the Profit and Loss Account. This side is used for recording income and gains.

    - Option 3: Cost is not a side or term used in the context of a standard Profit and Loss Account.

    - Option 4: "None of these" is incorrect since the credit side is indeed the right answer.

    By: SWAPNIL AGGARWAL
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