General Studies · Accounting
XYZ Ltd. prepares its Profit & Loss Account specifically for the financial year 2015-2016. Which accounting concept is the company following by doing so?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Going concern concept
- 2Time period concept✓
- 3Duality concept
- 4Realization concept
Correct answer
Time period concept
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