Question

financial statement means
1. trading account
2.profit and loss account
3.balance sheet
4.all of the above​

Answer 1

Answer:

All the above is the right answer

Answer 2

Answer:

4 ) All of the above

Financial Statements Include Income statement and balance sheet.

• Income statement = Trading and Profit and Loss account

• Balance Sheet

Income statement :

Income statement is prepared to ascertain the profit or loss of a business during a period of time. It includes Trading and Profit and Loss account.

Trading Account :

An income statement prepared to ascertain the trading results of business is known as trading account.

Profit and Loss account :

After ascertaining the gross Profit of the business, the business man will be interested to know the net result of business at the end of the accounting period.

Balance Sheet :

Balance sheet is an statement of assets and liabilities of a business prepared with a view to business ascertain the financial position of the business as on a particular date.