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2 years ago

What do you mean by final account? Mention its objectives

Business

2 answers:

Aleksandr-060686 [28]2 years ago

6 0

Answer:

What are Final Accounts?

Final Accounts is the ultimate stage of accounting process where the different ledgers maintained in the Trial Balance (Books of Accounts) of the business organization are presented in the specified way to provide the profitability and financial position of the entity for a specified period to the stakeholders and other interested parties i.e., Trading Account, Statement of Profit & Loss, Balance Shee

Explanation:

Objectives of Final Accounts

They are prepared for the calculation of Gross profit & net profit earned by the organization for the relevant period by presenting the Statement of Profit & Loss.

The Balance sheet is prepared for providing the correct financial position of the company as on the date.

These accounts use the bifurcation of direct expenses to obtain the gross profit & loss and bifurcation in indirect expenses to ascertain the Net profit & loss for the organization.

These accounts through the Balance sheet bifurcate the assets & liabilities as per the holding & usage periods of the same

Alinara [238K]2 years ago

5 0

Answer:

<h2>what is financial account</h2>

<h2>objects of financial account</h2>

To determine gross profit and net profit of the business during the year. To present the true financial position of the business on a given date. ... To make a summary presentation of all the financial transactions. To communicate the operating results and financial position of the users.

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Answer:

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Explanation:

Calculation to determine The total amount of the current liability (including interest payable) for this loan that appears in Select Company's balance sheet at December 31, 2015

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3 years ago

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LIFO uses the ______ unit costs for Cost of Goods Sold on the income statement and the ______ unit costs for Inventory on the ba

Tasya [4]

LIFO uses the last unit costs for Cost of Goods Sold on the income statement and the first unit costs for Inventory on the balance sheet.

LIFO means last in first out. It means that it is the last purchased inventory that is the first to be sold.

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1 year ago

Now consider the relationship between the price level and the quantity of money that people demand. The lower the price level, t

gayaneshka [121]

Answer: less, less

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2 years ago

An 85-year old risk averse investor is not happy about the minimal return she is earning on her current investments. She is stre

Ilia_Sergeevich [38]

Answer:

B. Reduce the Money Market Fund allocation by 30% (to 10%) and put the released funds in AAA-rated corporate bonds

Explanation:

First of all, since the investor is risk averse and cannot afford to lose money on any risky investment, she should change the mix of her investment portfolio but without increasing risks. Corporate bonds that are AAA-rated carry a very low risk and pay a little higher than money market funds. So a small decrease in money market fund assets and an increase in AAA-rated bonds should yield a slightly higher return.

Investing in equities would be too risky and US Treasuries pay even less interests than money market funds.

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3 years ago

What do you mean by final account? Mention its objectives​

What do you mean by final account? Mention its objectives