Income from the sale of scrap is usually shown in

A. Profit and Loss account

B. Trading account

C. Manufacturing account

D. A11 of the above

Details of Mcqs: 

An income statement or profit and loss account is one of the financial statements of a company and shows the company's revenues and expenses during a particular period. It indicates how the revenues are transformed into the net income or net profit. A profit and loss statement is also called a P&L, an income statement, a statement of profit and loss, an income and expense statement, or a statement of financial results.


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