Preparation and analysis of final accounts, Accounting Standards

The main function of accounting is to accumulate accounting data so as to calculate the profit and loss made through the business firm throughout and also to KNOW the financial position of the business on a specified date. A business can ascertain this through preparing the last Accounts. Preparation of last accounts from a trial balance is the last phase of the accounting process. Final accounts include the preparation of Trading and Profit and Loss Account and the Balance Sheet, though the Balance Sheet is not an account but merely a statement. Trading and Loss and Profit Account are simply one account that is usually divided in two sections. The first section is termed as the Trading Account and the second section the Loss and Profit Account. In condition of manufacturing concerns, last Accounts also comprise the Manufacturing Account.

Posted Date: 4/3/2013 6:15:43 AM | Location : United States







Related Discussions:- Preparation and analysis of final accounts, Assignment Help, Ask Question on Preparation and analysis of final accounts, Get Answer, Expert's Help, Preparation and analysis of final accounts Discussions

Write discussion on Preparation and analysis of final accounts
Your posts are moderated
Related Questions
Formed under the Securities and Exchange Act of 1934 the SEC (Securities and Exchange Commission) is a government agency that administers important acts dealing with the interstate

Loss and Profit Account is prepared so as to discern whether the firm has made net profit or suffered net loss for a specified accounting period. Such account deals along with indi


When is working capital most likely to increase? A when the business increases its selling prices B when the credit period allowed to customers is reduced C when the credit pe

3. Solve the following Linear Programming Problem using Simple method. Maximize Z= 3x1 + 2X2 Subject to the constraints: X1+ X2 = 4 X1 - X2 = 2 X1, X2 = 0

Dear Sir, I am an accountant working in a company with limited liability (WLL), one of the partners (A) will withdraw from our company. One of the existing partner (B) of the comp

the books of deven verma could not be tallied.

In previous section you learnt about the accounting involves four stages: (i)  recording the transactions, (ii)  classifying-the transactions, (iii) summarising  the trans

assignments

Consisting mainly of accounting educators the American Accounting Association (AAA) has sought to encourage research and study at a theoretical level into the concepts or standards