Question

Q7) State the end products of Financial Accounting.

Answer 1

1. Income statements (Trading and/or Profit and Loss Account)− An income statement that includes Trading and Profit and Loss Account, ascertains the financial results of a business in terms of gross (or net) profit or loss.



2. Balance Sheet− It depicts the true financial positions of a business that provides required information like assets and liabilities of a business firm, to the users of accounting information like owners, creditors, investors, government, customers, shareholders etc.

Answer 2

Income statements,balance sheet