Question: Which statement is correct? 1. The Trading Accounts balancing figure is the net profit. 2. The Trading Account compares the revenue and all expenses of

Which statement is correct?

1. The Trading Account’s balancing figure is the net profit.

2. The Trading Account compares the revenue and all expenses of the Accounting period.

3. The Trading Account compares the sales and all expenses of the Accounting period.

4. The Trading Account compares the revenue and all material expenses of the Accounting period.

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