1
Question
Financial Accounting comprises preparation of __________.
Financial Accounting comprises preparation of __________.
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Solution
The correct option is D both A & B
Financial Accounting is concerned with recording and processing of all transactions with outsiders and events effecting the financial position of the business. Once all the transactions are recorded, a summarized form is taken out to know the books of account. A list of account which is known as trial balance. Thereafter preparation of financial statement is done which includes profit & loss account and balance sheet.
Financial Accounting is concerned with recording and processing of all transactions with outsiders and events effecting the financial position of the business. Once all the transactions are recorded, a summarized form is taken out to know the books of account. A list of account which is known as trial balance. Thereafter preparation of financial statement is done which includes profit & loss account and balance sheet.
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