Net profit / loss is transferred to the ______ account
A)Asset account
B)Liabilities account
C)Capital account
D)None of these

Name: Net profit / loss is transferred to the ______ account A)Asset account B)Liabilities account C)Capital account D)None of these
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Question

Quizplus · Accepted Answer

Net profit or loss is transferred to the Capital account, as it affects the owner's equity. Profits increase the capital, while losses decrease it.

Net Profit / Loss Is Transferred to the ______ Account