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Question
__________ is concerned with the preparation and presentation of the classified data in a manner useful to the internal and external users of financial statements.
__________ is concerned with the preparation and presentation of the classified data in a manner useful to the internal and external users of financial statements.
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Solution
The correct option is B Summarizing
After preparing the accounting data in a classified manner, it is summarized to help the Management and External Users in making meaningful and informed decisions.
This process of summarizing leads to the presentation of the following statements:
1) Trial balance
2) Income statement/Profit and Loss Statement
3) Balance sheet/Positional Statement
After preparing the accounting data in a classified manner, it is summarized to help the Management and External Users in making meaningful and informed decisions.
This process of summarizing leads to the presentation of the following statements:
1) Trial balance
2) Income statement/Profit and Loss Statement
3) Balance sheet/Positional Statement
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