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State what is end product of financial accounting? - Accountancy

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Answer in Brief

State what is end product of financial accounting?

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Solution


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, etc.

Concept: Introduction to Accounting
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APPEARS IN

NCERT Accountancy Financial Accounting 1 Class 11
Chapter 1 Introduction to Accounting
Questions for practice | Q 2 | Page 20
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