State what is end product of financial accounting?
1. Income statements (Trading and/or Profit and Loss Account)− An income statement that includes Trading and Profit and Loss Account, ascertains the financial results of a business in terms of gross (or net) profit or loss.
2. Balance Sheet− It depicts the true financial positions of a business that provides required information like assets and liabilities of a business firm, to the users of accounting information like owners, creditors, investors, government, customers, shareholders etc.
Popular Questions of Class 11th accountancy
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Differentiate between source documents and vouchers.
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What is a journal? Give a specimen of journal showing at least five entries.
- Q:- The accounting concepts and accounting standards are generally referred to as the essence of financial accounting. Comment.
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- Q:- Giving examples, explain each of the following accounting terms:
Fixed assets
Gain
Profit
Revenue
Expenses
Short-term liability
Capital - Q:- Explain the development and role of accounting.
- Q:- Complete the following work sheet:
(i) If a firm believes that some of its debtors may ′default′, it should act on this by making sure that all possible losses are recorded in the books. This is an example of the ___________ concept.
(ii) The fact that a business is separate and distinguishable from its owner is best exemplified by the ___________ concept.
(iii) Everything a firm owns, it also owns out to somebody. This co-incidence is explained by the ___________ concept.
(iv) The ___________ concept states that if straight line method of depreciation is used in one year, then it should also be used in the next year.
(v) A firm may hold stock which is heavily in demand. Consequently, the market value of this stock may be increased. Normal accounting procedure is to ignore this because of the ___________.
(vi) If a firm receives an order for goods, it would not be included in the sales figure owing to the ___________.
(vii) The management of a firm is remarkably incompetent, but the firms accountants can not take this into account while preparing book of accounts because of ________ concept. - Q:- Should a transaction be first recorded in a journal or ledger? Why?
- Q:-
Accounting equation remains intact under all circumstances. Justify the statement with the help of an example.
Recently Viewed Questions of Class 11th accountancy
- Q:- Should a transaction be first recorded in a journal or ledger? Why?
- Q:-
Prepare the accounting equation on the basis of the following data.
1. Harsha started business with cash ₹ 2,00,000
2. Purchased goods from Naman for cash ₹ 40,000
3. Sold goods to Bhanu costing ₹ 10,000/- for ₹ 12,000
4. Bought furniture on credit ₹ 7,000
- Q:- Giving examples, explain each of the following accounting terms:
Fixed assets
Gain
Profit
Revenue
Expenses
Short-term liability
Capital - Q:- Discuss the concept-based on the premise do not anticipate profits but provide for all losses.
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Explain the double entry mechanism with an illustrative example.
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- Q:- Explain the meaning of gain and profit. Distinguish between these two terms.
10 Comment(s) on this Question
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this is correct answer for reading and writing
This Qution answer state the end product of accounting?
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