Question

(I)Which step of the Accounting Process deals with the preparation of Final Accounts?
(II)Name the Accounts/Statements that are prepared in the step identified in ......
(III)Identify and explain the steps that precede the step identified in .....


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Answer 1

Answer:

Preparation of Trial Balance

The first step in the preparation of final accounts is the preparation of trial balance. So it is absolutely essential that we prepare the trial balance perfectly, so our final accounts do not contain any errors. Let us learn more about the methods and procedures of preparation of trial balance.

Answer 2

1. Accounting is the art of recording, classifying and summarising and final accounts preparation comes under the “summarising” step. It is the final step of accounting
2. Trading , profit and loss account and balance sheet
3. Recording through journal entries then classifying by preparation of ledger