Ask Experts Questions for FREE Help !
Ask
    Romae's Avatar
    Romae Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Nov 5, 2008, 07:20 PM
    What is the importance of the trading and profit and loss a/c.
    What is the importance of the trading and profit and loss account along with the balance sheet when preparing final accounts for the business?
    :(
    Romae's Avatar
    Romae Posts: 2, Reputation: 1
    New Member
    		  
    #2

    Nov 5, 2008, 07:27 PM

    The trading and profit and loss account along with the balance sheet is important in providing information about the business. By doing these accounts one will know the Conistency of the business. All the revenues and expenses are showed in the profit and loss abd the assests, liabilities and where the business is financed by. At the end of dong these accounts it will be lucid if the business is running at a profit or loss.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Profit and Loss [ 3 Answers ]

Tropical Joy ia an Atlanta based seller of fruit baskets. The company markets its wares over the internet, selling baskets on a regular basis in fifteen states including three west of the Mississippi River. California, Nevada,and Arizona. The company has experienced tremendous growth during its...

Loss of all importance [ 2 Answers ]

I am a 21 year old male who grew up in a lovng supportive adopted family. But over the course of my life I have lost every important friendship, relationship, and confidant I have. I have only felt love once, and it was for a friend of mine who now wants nothing to do with me. I am all alone with...

Discuss the relative importance of BOTH gross profit and contribution margin. [ 1 Answers ]

Discuss the relative importance of BOTH gross profit and contribution margin.

View more questions Search