Question

The purpose of preparing final accounts is to ascertain : *

1 point

Profit and loss

Capital

Value of assets

Financial position

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Answer 1

Answer:

To know the financial position and Performance of the business.

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Answer 2

Answer:

hi 11 th

need of preparing final accounts

1. to record ommission in trial balance such as closing stock,interest on capital ,interest on drawings
2. to bring into account outstanding and prepaid expenses
3. to bring into account revenue accured and received in advance
4. to create reservers and provision