Final accounts

Final accounts are financial statements complied by a business at the beginning of accounting period time.

• TRUE

• FALSE

Final accounts inform about the internal and external financial position and performance of an organization.

• TRUE

• FALSE

It is shown as the top part of the income

statement that establishes the gross profit of the business.

• Trading account

• Profit or loss account

• Appropriation account

It shows how the company's net profit after interest and tax is distributed

• Trading account

• Profit or loss account

• Appropriation account

NPBIT - NPBT - NPAIT

• Trading account

• Profit or loss account

• Appropriation account

A sum of money paid to shareholders.

• Sales revenue

• Retained profit

• Dividends

The amount of earnings left after dividends and other deductions have been made.

• Sales revenue

• Retained profit

• Dividends

Resources that a business owns.

• Assets

• Liabilities

• Equity

Firm's legal debts or obligations

• Assets

• Liabilities

• Equity

Also known as shareholder's funds.

• Assets

• Liabilities

• Equity