Accounting Cycle : Final Accounts Without Adjustments

Final Accounts are the summarized statements

Final Accounts are the summarized statements prepared at the end of an accounting period to present the financial results and position of a business.

The Trading Account is the first

The Trading Account is the first part of the income statement prepared to determine the gross profit or gross loss from buying and selling of goods. I

The Profit and Loss Account

The Profit and Loss Account is the second part of the income statement that shows the net profit or net loss of the business. It starts with the gross

Balance Sheet is a statement

Balance Sheet is a statement of financial position prepared at a particular date (not for a period) showing the assets, liabilities, and capital of a

Direct Expenses are those expenses

Direct Expenses are those expenses that are incurred in bringing goods to the trading place or manufacturing them, thereby increasing the cost of good