Gross Profit is transferred toChoose one optionCapital AccountAssets A/cProfit and Loss A/cGoodwill a/c

The Profit and Loss account showsChoose one optionFinancial position of the concernNet Profit or Net LossGross Profit or Gross LossTotal Expenses

Discuss the Important Difference between Trading account and Profit and Loss a/c

tatement of profit or loss is a ……a.Personal accountb.Special accountc.Real accountd.Nominal accountClear my choice

Gross profit is:Group of answer choicesthe amount left over after cost of goods sold is subtracted from net salesnet sales less selling expensessales less sales discountsnet sales less operating expenses

Profit will result if gross profit exceeds: Group of answer choices cost of sales. operating expenses. purchases. cost of goods sold plus operating expenses.