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What is the primary purpose of preparing final accounts?
What is the primary purpose of preparing final accounts?
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Practice Questions
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What is the primary purpose of preparing final accounts?
To calculate tax liabilities
To provide information for decision making
To comply with legal requirements
To assess financial performance
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The primary purpose of preparing final accounts is to assess the financial performance of the business over a specific period.
Questions & Step-by-step Solutions
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Q: What is the primary purpose of preparing final accounts?
Solution:
The primary purpose of preparing final accounts is to assess the financial performance of the business over a specific period.
Steps: 5
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Step 1: Understand that final accounts are financial statements prepared at the end of a specific period, like a year.
Step 2: Recognize that these accounts include important documents like the income statement and balance sheet.
Step 3: Know that the income statement shows how much money the business made and spent during that period.
Step 4: Realize that the balance sheet shows what the business owns (assets) and what it owes (liabilities) at the end of that period.
Step 5: Conclude that the primary purpose of preparing final accounts is to evaluate how well the business performed financially during that time.
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