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It tells us the Financial Statement of the business. We know by Final accounts that how much profit we have earned after deducting all sort of expenditures. It also gives us the idea about the Current Assets and the Fixed Assets of the Business which are balanced with the liabilities of the business.
In other Words, It tells us that a business has the equal Assets (monetary value if you like to say) as compare to all its liabilities (Share Capital, Share premium, Debenture, Long term liabilities like mortgage or Bank Loan, Current liabilities like overdraft and account payable, and Dividend payable etc.)
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What is matching concept?
while preparing final accounts, accounts should show accruals and prepayments.the net amount for the financial year should be shown in the final accounts
What are the duties of the final accounts department in an organisation?
The finance department of a company is responsible for preparing final accounts. The prepare the Balance Sheets and the profit and loss account.
What is the order of the accounts in preparing t accounts?
debit and credit
What is the purpose of preparing extended trial balance?
The purpose of preparing extended trial balane is to make adjustments that had not been made when a normal trial balance was extracted. In other word to make adjustments that were omitted for the purpose of preparing an accurate final accounts and the balance sheeet Paul
What are the characteristics of final accounts?
Final accounts are closed accounts at the end of a period in accounting. Final accounts cannot be changed and represent the transactions in an accounting period.
What are characteristics of final account?
Final accounts are closed accounts at the end of a period in accounting. Final accounts cannot be changed and represent the transactions in an accounting period.
How to calculate cash flow?
by preparing journal and ledger accounts of transaction
The information for preparing a trial balance on a worksheet is obtained from?
general ledger accounts
What is the object of preparing the statement of affairs?
i dont no the answer plz say
What is the proforma for final accounts?
Trial balance
What is the main purpose of producing a trial balance?
In the accounting process there will be various & those transactions will be journalised,posted in ledgers than according to the clasifications, after that balancing of ledger accounts will be made. After the end of the process before preparing Final accounts it is the duty of the accountant to satisfy him self about the correctness of the posting amounts and the balances. To know the arthimatical accuracy of the accounts the accountant will prepare Trial Balance which will help him to check the accuracy of the the accounts Biraj Joshi Nepal 0977-9849824360
Why do most restaurants have separate kitchens for preparing hot and cold food?
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