What is trail balance? what is Profit & loss a/c ? what is
Balance sheet?
- 4 Answers
- 7396 Views
- Siyaram, I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / munmun sharma
Trial Balance is the process to check the accuracy of the
accounts made so far in the Ledger. Profit and loss account
is made to asscertain the profit earned and the loss
incurred. This statement is also called 'Income Statement.
Balance sheet is made to know the financial position on the
last day of financial year of the business. This statement
is also called a Position statement. Profit & Loss A/C and
Balalnce sheet are known as Final Accounts.
| Is This Answer Correct ? | 13 Yes | 0 No |
Trial Balance is a statement prepared to know the
arthematical accuracy of the books of accounts prepared.
Profit and Loss account is the financial statement prepared
to know the result of the business.
Balance sheet is prepared to know the Financial Status of
the business at a given period
| Is This Answer Correct ? | 7 Yes | 0 No |
Trail balance:
it is a statement. it is prepared by besed on ledger closing information. it concist of in the debit side all expences, losses & assests. the main objective of preferation of trail balance to know the aurthamatit accurucy of the organization.
profit & loss a/c :
it is a financial statement. it consist of all indirect exp & incoms, poerating & non perating. main object of preparetion of p & l ac to know the net profit possition of the organation.
balance sheet:
it is one of the financial statement. it consist of assets & liabilities. main objective of preparetion balance sheet to know the financial posotion or condation of he organization.
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / sarat kumar
trail balance is not a books of accounts it is a state ment
showing balances of various ladgera/c taken from
balancesheet.
profit &loss a/c show the net profit at end of financial
year
balance sheet helps the companey to know its financial
condition at end of every accounts year.
| Is This Answer Correct ? | 0 Yes | 0 No |
what is portfolio management? and what is zero based budget?
i AM CURRENTLY DOING B.COM. i INTEND TO PURSUE MY MASTERS AT USA IN ECONOMICS AND FINANCE OR ACCOUNTING...CAN U TELL ME THE CRITERIA AND WHICH EXAM DO I NEED TO QUALIFY FOR???
what is gl code in sap
Deposited Rs 25000 in Canara Bank of ABC co towards dealership deposit thru our SBH Bank Pass necessary entry
what is brs?
EXPAND___________LTTE
Expand I T P
How to calculate the closing stock value ?
All type question of hr person askeing to the interviwe
What comes under the head SHARE CAPITAL in Liability side . say in proper order.
how we can amortize the preliminary expenses calculation
How can a company reduce profit
Audit 
