Question

State what is the end product of financial accounting 1 brainly

Answer 1

Answer:

The End part of Financial accounting is called as Financial Reporting.

Explanation:

The last step of financial accounting includes-

i)Income Statement

ii)Balance Sheet

Income statement includes- i)Trading A/c

                                                ii)Profit And Loss A/c

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