Home Board Paper Solutions Text Book Solutions Articles NCERT Exemplar Solutions
Question 2

State what is end product of financial accounting?

Answer

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

10 Comment(s) on this Question

Write a Comment: