All categories

3 years ago

What do you mean by final account? Mention its objectives

Business

2 answers:

Aleksandr-060686 [28]3 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]3 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.

You might be interested in

A plan to sell products or services to increase profits is a

ICE Princess25 [194]

Last one BC A Plan it can also coins as a idea before action or meeting

4 0

3 years ago

Haft Construction Company determines that 54,000 pounds of direct materials are needed for production in July. There are 3,200 p

alexandr402 [8]

Answer:

cost of direct materials purchases 160,800

Explanation:

pounds required for production 54,000

desired ending inventory 2,800

total needs 56,800

beginning inventory (3,200)

units to be purchased 53,600

cost per unit of direct materials 3

cost of direct materials purchases 160,800

<u>Notes:</u>

The pounds for production and the ending inventory are the raw materials demand.

The beginning inventory is a portion we already have, so we need to purchase less.

Then, we multiply the pounds to be purchased by their cost to get the total cost for direct materials

3 0

3 years ago

Use the drop-down menus to indicate whether each of the following events would be recorded as revenues or expenses at the time i

nikitadnepr [17]

Answer and Explanation:

The classification is as followS:

<u>Transactions Accrual basis Cash basis </u>

1. Cash received in advance Not record record the revenue

2. Purchase supplies Not record Not record the expense

3. Received cash for services record revenue record revenue

4. Perform services Record revenue Not record the revenue

5. Pay cash for the supplies Not record record the expense

In this way it should be classified

4 0

3 years ago

A 15% increase in sales resulted in a 40% increase in net income for Company A and a 60% increase in net income for Company B. B

Ivahew [28]

company B has the greater operating leverage

What is operating leverage?

A cost-accounting method called operating leverage assesses how much a company or project can raise operating income by raising revenue. A company with significant operating leverage creates sales with a high gross margin and low variable costs.

The break-even point of a business is determined using operating leverage, which also aids in determining the right selling prices to cover all expenditures and make a profit.

Regardless of whether they sell any units of product, businesses with significant operational leverage must cover a bigger amount of fixed costs each month.

Low-operating-leverage businesses may have high variable costs that are directly related to sales, but they also have fewer monthly fixed expenses.

Learn more about operating leverage with the help of given link:-

brainly.com/question/6238482

#SPJ4

3 0

1 year ago

By the fourth quarter of 2015, U.S. households had accumulated $12.5 trillion in housing equity, which represents about 14 perce

Sloan [31]

Answer:

correct option is d. two-thirds

Explanation:

given data

accumulated = $12.5 trillion

net worth = 14 percent

solution

here as per statistical data of 4th quarter in year 2015,

that required holding is two third of having home.

and Accumulated equity indicate the demand for housing in the country

so here 1 - $\frac{2}{3}$ = $\frac{1}{3}$ rd left out

it is assumed that they should get home at the beginning of 2015 (in the 1st quarter)

so correct option is d. two-thirds

7 0

3 years ago

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

What do you mean by final account? Mention its objectives