State what is end product of financial a | Class 11 Accountancy Chapter Introduction to Accounting, Introduction to Accounting NCERT Solutions

Question:

State what is end product of financial accounting?

Answer:

  1. Income statements (Trading and/or Profit and Loss Account)− An income statement that includes Trading and Profit and Loss Account, ascertains the financial results of a business in terms of gross (or net) profit or loss.
  2. Balance Sheet− It depicts the true financial positions of a business that provides required information like assets and liabilities of a business firm, to the users of accounting information like owners, creditors, investors, government, customers, shareholders etc.


Study Tips for Answering NCERT Questions:

NCERT questions are designed to test your understanding of the concepts and theories discussed in the chapter. Here are some tips to help you answer NCERT questions effectively:

  • Read the question carefully and focus on the core concept being asked.
  • Reference examples and data from the chapter when answering questions about Introduction to Accounting.
  • Review previous year question papers to get an idea of how such questions may be framed in exams.
  • Practice answering questions within the time limit to improve your speed and accuracy.
  • Discuss your answers with your teachers or peers to get feedback and improve your understanding.

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Comments

  • Tanya chouksey
  • 2019-09-23 23:47:25

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  • 2019-07-30 19:14:34

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  • Priya Minj
  • 2019-07-03 21:43:03

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  • Adarsh
  • 2019-06-21 10:40:07

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  • 2019-04-05 21:58:18

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  • 2019-04-05 21:57:32

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  • Ruhid sab
  • 2018-07-03 20:57:59

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  • Madhuvan se
  • 2018-06-15 20:36:55

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  • 2018-06-04 14:53:40

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  • Nakshatra sharma
  • 2018-05-01 20:48:55

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Comment(s) on this Question

Welcome to the NCERT Solutions for Class 11 Accountancy - Chapter . This page offers a step-by-step solution to the specific question from Excercise 1 , Question 2: State what is end product of financial accounting?....