Profit amp Loss account is prepared for a period of one year by following ........

Accountancy (Phase -I & II) Company Final Accounts

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Profit & Loss account is prepared for a period of one year by following

Periodicity concept

Business entity concept

Accrual concept

None of the above

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Explanation:

Profit & Loss account is prepared for a period of one year by following Periodicity concept. It is the concept that each accounting period has an economic activity associated with it, and that the activity can be measured, accounted for, and reported upon.