Objectives of final accounts
- describe Final Account;
- know their objectives and preparation of Trading and Loss and Profit Account;
- find out the difference among Trading Account and Loss and Profit Account, Gross Profit and Net Profit;
- explain and understand the terms used in a balance sheet;
- apply simple principles of valuation of assets;
- Duty of depreciation in valuation and determining the exact profit of a firm;
- know Adjustment entries;
- The significance of adjustment entries to ascertain the financial position of a business firm.