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Accountancy

Profit and Loss Account

In Class 11 Accountancy, the Profit and Loss Account is studied as part of Financial Statements I. Students learn how to determine a business’s net profit or net loss by recording and comparing indirect expenses, incomes, and other relevant items after gross profit or loss is established. The topic develops understanding of debit and credit treatment, suitable adjustments, and the presentation of a clear financial statement for a business.

Easy · Level 1 · 1 questions

Practice questions

01What is the simple meaning of profit?

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Answer and explanation

Correct answer: A. The amount left after subtracting total expenses from total revenue

Profit is the positive surplus obtained when total revenue for a period is greater than the expenses incurred to earn that revenue. In simple form, profit = total revenue − total expenses. For example, if revenue is ₹50,000 and expenses are ₹40,000, profit is ₹10,000. Borrowings are liabilities, not profit, and the number of goods is not a financial result. Therefore, option A is correct.

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Profit and Loss Account

Practice questions

01What is the simple meaning of profit?लाभ का सरल अर्थ क्या है?

Analytics choices

01What is the simple meaning of profit?