Profit and loss account, Cost Accounting

Assignment Help:

Both the parts, Profit and Loss Account and Trading Account of last account are interdependent upon each other. Gross Profit or loss plays a very important role in the calculation of net figure of Profit and loss. Trading and profit and loss account provides the true picture of an organization through showing its revenues and expenses. Such account is normally prepared at the ending of the accounting period. Balance Sheet like we have observed is one of the most significant financial statements. This is a periodic summary of the financial position of the business. This is the statement of assets, owners and liabilities' capital at an exacting point in time. Such statement in itself does not reveal anything regarding the details of the operations of the business. Though, a comparison of two balance sheets could reveal the modifications in business position. A realistic understanding of the operations of the business would need two other statements: Cash Flow Statement and Funds Flow Statement. We shall acquire them up in subsequent sections.


Related Discussions:- Profit and loss account

Cost behavior, maintenance costs at a hospital

maintenance costs at a hospital

Constant gross margin rate, Constant Gross Margin Rate This method ass...

Constant Gross Margin Rate This method assumes that every product contributes an equal percentage of gross profit for every shilling of sales. It works back from gross margin

Audit plan, 1. You are required to download the latest annual report publis...

1. You are required to download the latest annual report published by one of the following institutions: - Adult Multicultural Education Services - Centre for Adult Education

Marginal costing, The profit volume ratio of xltd. is 50% and the margin of...

The profit volume ratio of xltd. is 50% and the margin of safety is 40%.you are required to calculate the net profit if sales volume is rs.100,000?

Participation - behavioural aspects of standards, Participation - Behaviour...

Participation - Behavioural Aspects of Standards It has already been pointed out in the previous paragraph such standard costing systems would be more acceptable whether the e

Overhead analysis, what do i need to know before the overhead preparation?

what do i need to know before the overhead preparation?

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd