Accountancy, asked by shubhank2468, 2 months ago

final account consist of balance sheet Or profit &loss account Or trading account​

Answers

Answered by Mrmasoom
13

The Trading Account, Profit and Loss Account, and Balance Sheet all together are known as the final accounts. The trading account is the first part of this final account, and this is used to determine the gross profit which is earned by the business.

Answered by shakingChloe
1

Explanation:

Final accounts gives an idea about the profitability and financial position of a business to its management, owners, and other interested parties. ... The term "final accounts" includes the trading account, the profit and loss account, and the balance sheet.

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