wiz-icon
MyQuestionIcon
MyQuestionIcon
1
You visited us 1 times! Enjoying our articles? Unlock Full Access!
Question

Give one word/ term or phrase for each of the following statements.
Account prepared on the basis of direct expenses and direct income of the business.

Open in App
Solution

Trading Account is an account prepared on the basis of direct expenses and direct incomes of business. Trading account is a part of income statement which shows the transactions relating to buying and selling of goods and services. A trading account shows the gross profit of the company.

flag
Suggest Corrections
thumbs-up
0
Join BYJU'S Learning Program
similar_icon
Related Videos
thumbnail
lock
Comparative Financial Statement
ACCOUNTANCY
Watch in App
Join BYJU'S Learning Program
CrossIcon