The final account is ______ process of accounting.
"Final account is the account, which is prepared at the end of the given year period, to see the profit and loss position as well as the financial position of a going concern for the period given." Who gave this definition?
"Final accounts consist of trading account, profit and loss account and balance sheet. Trading account shows gross profit or gross loss, net profit or net loss is calculated from profit and loss account and balance sheet is prepared to know the position of assets and liabilities." Who gave this definition?
Which one of them is not the objective of final accounts?
Expense paid in advance is called ______.
Expenses incurred but not yet paid, are called ______.