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Generally, investors and creditors look at the balance sheet of the company to understand how effectively a company will use its resources and how much it can give in return. Though the balance sheet can be prepared at any time, it is mostly prepared at the end of the accounting period.
Jun 17, 2022 · A set of financial statements as per Section 2 (40) of the Companies Act, 2013 include (0 Balance sheet i.e. position statement. (ii) Statement of profit and loss i.e. income statement. (iii) Notes to accounts. (iv) Cash flow statement.
NCERT Solution For Class 12 Accountancy Chapter 3 - Financial Statements Of A Company covers all the questions provided in NCERT Books for 12th Class Accountancy Subject. At BYJU'S, it is available for free download here.
Understanding Balance Sheet: Meaning, Characteristics, Format and Contents of a Balance Sheet: Meaning: Balance Sheet or the Position Statement shows the financial position of a business by providing complete details of its Assets, Liabilities and Equity at a particular date.
Balance Sheet : It is a statement of assets, liabilities and Equities of a business and it is prepared to show the financial position of the company at a particular date. A balance sheet of a company is prepared as per the format prescribed in Part I of Schedule III of the Companies Act, 2013.
3.4 Types of Financial Statements. The financial statements generally include two statements: balance sheet and statement of profit and loss which are required for external reporting and also for internal needs of the management like planning, decision-making and control.
Sep 29, 2019 · The convention of valuing inventory at cost or market price, whichever is lower, is followed. The valuing of assets at cost less depreciation principle for balance sheet purposes is followed. The convention of materiality is followed in dealing with small items like penci’s, pens, postage stamps, etc.
9. Learning Objectives. After studying this chapter, you will be able to : describe the need for adjustments while preparing the financial statements; explain the accounting treatment of adj ust ments for outstanding and prepaid expenses, accrued and advance receipts of incomes;
Sep 27, 2023 · Short Answer Questions. 1. State the meaning of financial statements?
Free PDF Download - Best collection of CBSE topper Notes, Important Questions, Sample papers and NCERT Solutions for CBSE Class 12 Accounts Financial statements of a company. The entire NCERT textbook questions have been solved by best teachers for you.
