Answer Posted / h.r. sreepada bhagi
The purpose of any business entity and its promoters is to
earn profit and ensure the growth of the organisation to
maximise profit & wealth over the years. To know the profit
earned or loss incurred & also the status of assets &
liabilities the books of accounts are closed at the year end
and Profit & Loss Account for the period & Balance Sheet at
the end of that year are prepared.
Balance Sheet shows the status of Assets, Liabilities &
Networth as at the end of any accounting period. From this
the promoters can decide whether the business is worth
continuing or not & can compare the growth year-on-year for
teh last few years.
| Is This Answer Correct ? | 12 Yes | 0 No |
Post New Answer View All Answers
Mention in simple terms what is the difference between asset, equity, and liabilities?
Our is a banking Activity, one person is supplying printing advertisement sheet of our product, whether he is liable to deducte TDS @ 1%
wat is mass allocation and when it is used
What is accounting chart of accounts?
What is quality discount?????//// pls mail ur answers at my e - mail ID : kamalsodhi24@gmail.com
Explain what is account receivable?
Differentiate public and private accounting?
What is Prepaid Entry
Tell me what do we mean by purchase return in accounting?
What is service tax & excise?
What is the double entry system explain its rules with examples?
What is the revenue recognition principle?
How to show Airticket Expense on Company's A/c as Company expense
purchase from interstate as applicable f form given to supplier & selling in local state as applicable local vat guide me as per law
What is difference vat
