__________ is prepared to meet the requirements of financial users.
A
Financial Statements
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B
Trial Balance
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C
Cash Flow Statements
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D
None of the above
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Solution
The correct option is A Financial Statements At the end of every financial year, books of account of the firm are closed to prepare the financial statement. Financial statement are prepared to know the profitability of the firm and the financial position of the firm on a particular date. Below are the financial statements:
Trading and Profit & Loss Account
Balance Sheet
Fund Flow Statement
Financial statements are prepared to meed the requirement of financial users which includes owner, investors, lenders, creditors etc.