The statement of profit or loss is prepared according to _______ method to calculate profit or loss under single entry system
A)Conversion method
B)Statement of affairs method
C)Conversion and statement of affairs method
D)None of these

Question

Quizplus · Accepted Answer

The statement of profit or loss under the single entry system is typically prepared using the Statement of Affairs method, which helps in estimating the profit or loss by comparing the net worth at the beginning and end of the period.

The Statement of Profit or Loss Is Prepared According to _______