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Softa [21]
3 years ago
15

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>

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 Sheet.

<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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Revolving credit is open.
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The answer should be OPEN AND UNSECURED
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4 0
3 years ago
Nick is a recent finance graduate who has two passions: music and finance. Upon graduation, he was offered an opportunity to joi
snow_tiger [21]

Answer:

A) Added benefits such as health insurance provided to employees of large corporations.

Explanation:

A struggling rock band can be considered an entrepreneurial venture, depending on how much Nick loves music. But struggling ventures cannot offer employees or coworkers the same benefits or perks that large and established companies can offer. The example used here was health insurance but other perks may include paid vacation, paid sick days, retirement plans, etc.

6 0
3 years ago
Problem 3.15 page 37 Consider an economy with a flat rate tax system Each dollar of income over $5000 is taxed at 20 Income belo
kozerog [31]

Answer:

Standard deviation of Tc is 1600

Explanation:

See attached file

6 0
3 years ago
Don, an office equipment sales​ representative, earns a weekly salary plus a commission on his sales. One week his total compens
Y_Kistochka [10]

Answer:

The answer is: Don's weekly salary is $460 and his sales' commission is 5%

Explanation:

We have to solve the following two equations:

Don's salary week 1 = b + $3,000c =$610

Don's salary week 2 = b + $4,000c =$660

Where:

  • b = Don's base weekly salary
  • c = sales' commission

Step 1:

b + $4,000c =$660

<u>-(b + $3,000c =$610)</u>

$1,000c = $50

Step 2:

c = $50 / $1,000 = 0.05 = 5%

Step 3:

b + ($3,000 x 5%) = $610

b + $150 = $610

Step 4.

b = $610 -$150 = $460

8 0
3 years ago
Determine the finance charge on a 8,000 loan with a monthly payment of 162,80 for 60 months
Fittoniya [83]
Well 162,80 divided by 8,000 is 2.035 so thats going to be your answer hope this helps
5 0
3 years ago
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