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.

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