Objectives of final accounts, Accounting Standards

Objectives of final accounts

  • describe Final Account;
  • know their objectives and preparation of Trading and Loss and Profit Account;
  • find out the difference among Trading Account and Loss and Profit Account, Gross Profit and Net Profit;
  • explain and understand the terms used in a balance sheet;
  • apply simple principles of valuation of assets;
  • Duty of depreciation in valuation and determining the exact profit of a firm;
  • know Adjustment entries;
  • The significance of adjustment entries to ascertain the financial position of a business firm.
Posted Date: 4/3/2013 6:16:35 AM | Location : United States

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