Practice Quiz

Food Service Manager Exam Prep

Category - Management

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Profit and loss statements:
  1. Break down labor, equipment, and operational costs
  2. List current assets and liabilities
  3. Provide records of revenue and expenses for a specific time period
  4. Are needed only to prepare income tax returns
Explanation
Answer: C - Profit and loss statements provide records of revenue and expenses during a specific time period. Its primary purpose is to show whether money was made during the time period in question.
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