P amp l a c is prepared for a period of one year by following ........

Accountancy (Phase -I & II) Concepts of Accounting

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P& l a/c is prepared for a period of one year by following:

Consistency concept

Conservatism concept

Accounting period concept

Cost Concept

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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.