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The preparation of a final accounting is the last stage of the accounting cycle. It determines the financial position of the business. Under this, it is compulsory to make a trading account, the profit and loss account, and balance sheet. The term "final accounts" includes the trading account, the profit and loss account, and the balance sheet.
This article is supported by the Accounting task force. Here the final accounts means we can say that the 3 levels they are including trading account,profit and loss account eventually Balance sheet Final Account
A general journal entry would typically include the date of the transaction (which may be dispensed with after the first entry of the day), the names of the accounts to be debited and credited (which should be the same as the name in the chart of accounts), the amount of each debit and credit, and a summary explanation of the transaction ...
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The objective of an audit of financial statements is to enable the auditor to express an opinion on whether the financial statements are prepared, in all material respects, in conformity with an identified financial reporting framework, such as the Generally Accepted Accounting Principles (GAAP) which is the accounting standard adopted by the U ...
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CA Foundation contains 5 series of papers. The CA Foundation exam replaced the CA-CPT exam and now is conducted by the Institute of Chartered Accountants of India (ICAI) thrice a year. After the CA Foundation exam, students need to complete the Intermediate and Final levels as well to become a chartered accountant
Johnnie Walker, a former BBC Radio 2 DJ known for hosting the “Sounds of the 70s” show, died Monday. He was 79. The news was announced live on the station by Bob Harris, who took over Johnnie ...