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PANCHAKSHARIS PROFESSIONAL ACADEMY PVT LTD (Your Lifelong Knowledge Partner)Final Accounts 100 Questions100 Marks) A current liability d) Capital120 MinutesSelect the best choice to answer the following

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How to fill out 12 final accounts- non-manufacturing

01

Step 1: Start with the balance sheet. Include all assets, liabilities, and owner’s equity.

02

Step 2: Move on to the income statement. Include all revenue, expenses, and net income.

03

Step 3: Prepare a cash flow statement. Show the inflows and outflows of cash during the accounting period.

04

Step 4: Create a statement of owner’s equity. Detail the changes in owner’s equity during the period.

05

Step 5: Finalize the financial statements by preparing a statement of retained earnings.

06

Step 6: Analyze and review the financial statements to ensure accuracy and completeness.

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Step 7: Make any necessary adjustments or corrections to the financial statements.

08

Step 8: Present the final accounts to stakeholders or individuals who require them.

Who needs 12 final accounts- non-manufacturing?

01

Business owners and managers use 12 final accounts to assess the financial position and performance of their non-manufacturing business.

02

Investors and shareholders rely on these accounts to make informed decisions about their investments.

03

Creditors and lenders use the final accounts to evaluate the creditworthiness of the non-manufacturing business.

04

Tax authorities may require these accounts to ensure compliance with tax regulations.

05

Financial analysts and consultants utilize the final accounts to provide recommendations and insights to clients.

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What is 12 final accounts- non-manufacturing?

12 final accounts- non-manufacturing refer to the financial statements of service-based businesses that outline their financial performance and position.

Who is required to file 12 final accounts- non-manufacturing?

Service-based businesses are required to file 12 final accounts- non-manufacturing in order to report their financial performance.

How to fill out 12 final accounts- non-manufacturing?

To fill out 12 final accounts- non-manufacturing, businesses need to compile their income statement, balance sheet, and cash flow statement.

What is the purpose of 12 final accounts- non-manufacturing?

The purpose of 12 final accounts- non-manufacturing is to provide stakeholders with an overview of a service-based business's financial performance and position.

What information must be reported on 12 final accounts- non-manufacturing?

On 12 final accounts- non-manufacturing, businesses must report their revenue, expenses, assets, liabilities, and equity.

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