Chapter 2

Measurement of Profit and Financial Position: II: Trial Balance to Balance Sheet and Profit and Loss Account: Non-corporate Entities

This chapter finally completes the accounting process of measuring the business performance and financial position by illustrating the construction of balance sheet and profit and loss account of Non-corporate entities.

CHAPTER OBJECTIVES

This chapter seeks to enable you to develop knowledge and understanding of:

  1. The completion of the accounting process.

  2. How to do analysis of the trial balance.

  3. The need for adjustment entries.

  4. The implications of the matching principle.

  5. How to do valuation of inventory. ...

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