Which of the following is not true with regard to preparation of Profit & Loss Account?

(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 (X)
(C) Net Profits are ascertained on the basis of current costs (X)
(D) Net Profits as disclosed by P&L Account is not absolute (X)

Answers: Which of the following is not true with regard to preparation of Profit & Loss Account Profit & Loss Account is prepared for a certain period and hence it is an interim statement.