Financial Accounting

Chapter 5a

Accounting Process — From Trial Balance to Final Accounts and Final Accounts of Non-corporate Business Entities

LEARNING OBJECTIVES

After studying this chapter, you will be able to

1. Know the Accounting Process — the Final Phase of Preparation of Final Accounts

2. Understand the Concept of Income Statement and the Position Statement — Important Constituents

3. Understand the Concepts of Trading Account

4. Prepare Trading Account

5. Know the Meaning of Manufacturing Account and Prepare a Manufacturing Account

6. Differentiate between Trading Account and Manufacturing Account

7. Understand the Meaning of Profit and Loss Account

8. Know the Various Uses of Profit and Loss Account

9. Understand Some of the Accounting Terms Associated with Profit and Loss ...