State whether the following statement are true or false with reason :

1.	State whether the following statement are true or false with reason :Excess of revenue over expenses is called loss.
Answer» This statement is False. Excess of revenue over expenses is called profit. Your income is less and expenditures are less so you get profit. Income ₹ 50,000 – Expenses ₹ 35,000 = Profit is ₹ 15,000.

State whether the following statement are true or false with reason :Excess of revenue over expenses is called loss.

Answer»

This statement is False.

Excess of revenue over expenses is called profit. Your income is less and expenditures are less so you get profit. Income ₹ 50,000 – Expenses ₹ 35,000 = Profit is ₹ 15,000.

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State whether the following statement are true or false with reason :Excess of revenue over expenses is called loss.

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