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What is the correct sequence of the following actions required for the preparation of final accounts?
1. Preparation of Trial Balance
2. Balance of accounts
3. Preparation of annual financial statements
4. Making adjustment entries
Select the correct answer

What is the correct sequence of the following actions required for the preparation of final accounts?
1. Preparation of Trial Balance
2. Balance of accounts
3. Preparation of annual financial statements
4. Making adjustment entries
Select the correct answer Correct Answer 4, 2, 1, 3

Related Questions

Which of the following sets of statements most appropriately conveys the process of adjustment? Choose from the code for your answer : (a) Adjustment is a two-dimensional process. (b) Mental health of a person is indicative of his/her adjustment. (c) Adjustment implies satisfying one’s needs in a given environment. (d) Conflicts and tensions are a part of the adjustment process. (e) Adjustment is the goal of life. (f) Adjustment and mental health are one and the same thing. Code :
Assertion (A): In preparing final accounts, if closing stock is given in the trial balance, it is shown only in the Balance Sheet.
Reason (R): Any item appearing in the trial balance is treated only at one place i.e. either in the trading and profit & loss a/c or in the balance sheet.
Now, select the correct answer:
What is the correct sequence of the following actions required for the preparation of financial accounts?
1. Trading account
2. Making adjusting entries
3. Balance sheet
4. Profit and Loss account
Select the correct answer:
As a salesperson, Poly can choose one of two methods of annual payment either an annual salary of Tk. 35,000 with no commission or an annual salary of Tk. 10,000 plus a 20 percent commission on her total annual sales. What must her total annual sales be to give her the same annual pay with either method?
Accounts receivable at the end of the month is Tk 80,000. Bad debts are expected to be 5% of accounts receivable. If Allowance for Doubtful Accounts has a credit balance of Tk 1,000 before adjustment, what is the balance after adjustment?
In the question below, are given a statement followed by three courses of actions numbered I, II and III. On the basis of the information given, you have to assume everything in the statement to be true, and then decide which of the following suggested courses of actions logically follow(s) for pursuing. Statement: Soon VAT 69 whiskey and Smirnoff Vodka will not be found on the shelves of Delhi Liquor stores owing to the duplication of barcode by manufacturer United Limited. The Delhi government financial commissioner blacklisted the manufacturer. Financial commissioner Anindo Majumdar had said in an order dated September 14, that USL had violated provisions of the Delhi Excise Act, 2009 and Delhi Excise Rules, 2010 by using unauthorized and loose barcodes, which could be easily misused. Courses of action: I. The ban will force United Spirits Limited not to sell its liquor in the national capital for two years. II. the appellant violated provisions of the Delhi Excise Act, 2009, Delhi Excise Rules, 2010, the terms and conditions of the license issued to it and the standard operating procedure framed by the Delhi Excise Department and that consequently the department has rightly imposed the penalty of blacklisting under Rule 70 of the Delhi Excise Rules, 2010 upon United Spirits LTD (USL), Aurangabad. III. United Limited has been blacklisted by the Delhi government financial commissioner.
Consider the following statements: 1. Robots take permissible actions only. 2. All actions that are obligatory for robots are actually performed by them subject to ties and conflicts among available actions. 3. All permissible actions can be proved by the robot to be permissible and it can be explained in ordinary English. Which of the above statements are correct?
Rashna Company collected the following data in its accounting records in 2014 : From the income statement : Depreciation expense Tk. 1,000 Loss on sale of equipment 3,000 From the comparative balance sheet : Beginning balance , equipment Tk. 12,500 Ending balance , equipment 8,000 Beginning balance , accumulated depreciation 2,000 Ending balance , accumulated depreciation 2,400 No new equipment was purchased during the year. The equipment was sold at the end of the year. What was the cash in -flow from the sale of equipment in 2014?
Which of the following are parts of structural Adjustment Programs of New Economic Policy (NEP) in 1991. a) Industrial reforms b) Balance of Payment adjustment c) Tax reforms d) Fiscal reforms Select the correct answer using the code given below.
Which of the following statements with regard to financial emergency in India is/are correct?
1. It is required to be approved by both the Houses of the Parliament within one month.
2. Once approved by both the Houses of the Parliament, it remains valid for six months.
3. Salary of any government official including the Supreme Court judges can be reduced during financial emergency.
4. During financial emergency, the executive authority of the Union shall extend to the giving of directions to any State to observe such, canons of financial propriety as may be specified in the directions.
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