Statement of profit and loss account shows the operating performance of an enterprise for a period of time.
True. The Statement of Profit and Loss is a summarised financial report that provides the operating results of a company. It summarises the operational activities of different periods, which helps in assessing the operational efficiency and performance of the enterprise.
Explanation
The provided context explicitly states that financial statements provide the 'operating results' and 'summaries of different operational activities of different periods'. It further mentions that comparative statements apply to the statement of profit and loss to show profitability for 'different periods of time', confirming that this statement reflects performance over a period.