A. Profit & Loss Account is prepared for a certain period and hence it is an interim statement
B. Profit & Loss Account does not disclose the effect of non-financial items
C. Net Profits are ascertained on the basis of current costs
D. Net 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 ✔
Last Updated: September 12, 2018