Question
State objective of financial statements.
✓
Answer
$(1)$ To know the gross profit or gross loss of business
$(2)$ To know the net profit or net loss of an enterprise (business)
$(3)$ To know the financial position of the business.
$(2)$ To know the net profit or net loss of an enterprise (business)
$(3)$ To know the financial position of the business.
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$2.$ Salesmen’s commission account
$3.$ Machine account
$4.$ Bank fixed deposit account
$5.$ General reserve account
$6.$ Apprentice premium account
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