Teaching BPSC 4.0 बिहार उच्च माध्यमिक शिक्षक भर्ती (PGT) Mock Test Accountancy Financial Statement Analysis
With respect to final accounts, which of the following statements is incorrect?
1
The income statement shows either net profit or net loss for a particular period.
2
All liabilities that are due for payment within a year are classified as long-term liabilities.
3
Salary paid in advance is not an expense as it neither reduces assets nor increases liabilities.
4
A loss is an expense that does not bring any profit to the entity.
5
None of the above