Multiple Choice Questions on The Final accounts of a maunfacturing company generally includes the following statemenrs Balance sh........... for UPSC EPFO Exam Preparation

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Multiple Choice Questions

The Final accounts of a maunfacturing company generally includes the following statemenrs Balance sh...........

General Accounting Principles Company Final Accounts
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    The Final accounts of a maunfacturing company generally includes the following statemenrs

    1. Balance sheet
    2. manufacturing account
    3. profit and loss acoount
    4. trading account
    5. profit and loss appropriation account

    The corect sequence in which the statements are prepared is

    (1),(2),(3),(4).(5),

    Incorrect Answer

    (2),(4),(3),(5),(1)

    Correct Answer

    (5),(2),(4),(3),(1).

    Incorrect Answer

    (1),(4),(3),(2),(5)

    Incorrect Answer
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    Explanation:

     Manufacturing entities prepare a separate Manufacturing Account as a part of Final accounts in addition to Trading Account, Profit and Loss Account and Balance Sheet.

    Following is the sequence for preparation of financial statements:

    ii) Manufacturing Account

    iv) Trading Account

    iii) Profit & Loss Account

    v) Profit & Loss Appropriation Account

    i) Balance Sheet

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