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Question
Closing stock appears in the Final Accounts in the ______.
Options
Trading account only
Profit and Loss account and Balance Sheet
Balance Sheet only
Trading account and Balance Sheet
MCQ
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Solution
Closing stock appears in the Final Accounts in the Trading account and Balance Sheet.
Explanation:
The trade account calculates the cost of products sold, whereas the balance sheet presents it as a current asset, representing the value of unsold stock at the conclusion of the accounting period.
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