TRAIL BALANCE AND P&L ACCOUNT FOR ACCOUNTS FINALIZATION
This query is : Resolved
24 June 2010
In interview how to explain about TRAIL BALANCE,P & L ACCOUNT AND ACCOUNTS FINALIZATION ?
SHARATH
HYDERABAD
SHARATH
HYDERABAD
24 June 2010
Trial Balance referes to a statement which discoses the balances of each account as on a particular date. It also confirms teh dual entry systenm of accounting and provides basis ofr preparation of financial statements of the company.
P&L Account represents the profit earned or loss incurred for a given period of time. It contains the amount incurred in a specified periof in the revenue accounts. It is one of the crucial part of the financial statement and indictaes the profit earning situation of the company.
Accounts Finalization represents the preparation of the financial statements viz. Profit & loss Acount, Balance Sheet, Cash Flow statemnts and notes to account for a company in order to present the situation of profitability, assets and liabilities of the company to the different stakeholders.
P&L Account represents the profit earned or loss incurred for a given period of time. It contains the amount incurred in a specified periof in the revenue accounts. It is one of the crucial part of the financial statement and indictaes the profit earning situation of the company.
Accounts Finalization represents the preparation of the financial statements viz. Profit & loss Acount, Balance Sheet, Cash Flow statemnts and notes to account for a company in order to present the situation of profitability, assets and liabilities of the company to the different stakeholders.
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