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Which of the following is not true with regard to preparation of Profit & Loss Account?
Accountingmedium
Profit & Loss Account is prepared for a certain period and hence it is an interim statement
BProfit & Loss Account does not disclose the effect of non-financial items
CNet Profits are ascertained on the basis of current costs
DNet Profits as disclosed by P&L Account is not absolute
Correct Answer: A. Profit & Loss Account is prepared for a certain period and hence it is an interim statement
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