CS610 ASSIGNMENT 2 SOLUTION SPRING 2022 GET THE SOLUTION FILE FROM THE BELOW LINK.
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Financial Statements:
• Various reports are generated in the ledger to provide information to related parties regarding the number of people. All business for profit. If it does not run successfully, it will be destroyed. This Profit and Loss Account is perhaps the most important purpose of accounting.
This information was obtained from Financial Statements. Financial statements are the final product of the entire accounting process. The profitability of the business and the financial position of the company at a particular point in time.
CS610 ASSIGNMENT 2 SOLUTION SPRING 2022
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• The most commonly used financial statements are Income statements, Balance Sheets, and “Cash flow statements”. Income statement Income and spending accounts are used by nonprofits such as foundations, but NGOs The income statement is used by commercial organizations such as limited liability companies.
Profit and loss statement:
The income statement is an account that summarizes the profitability of your organization. Specific billing period. The profit & Loss account has two parts: First part is called the Trading account in which Gross Profit is calculated. Gross profit is the excess of sales over the cost of goods sold in an accounting period.
In a trading concern, the cost of goods sold is the cost of goods consumed plus any other charge paid in bringing the goods in salable condition. For example, if a business purchased certain items for resale purposes and any expense is paid in respect of carriage or bringing the goods in-store (transportation charges).
These will also be grouped under the heading of ‘cost of goods sold and will become part of its price. In a manufacturing company, manufacturing costs include the purchase of raw materials plus Salaries paid to employees, among other things, to transform this raw material into a finished product costs in this regard.