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| 1. |
State the end product of financial accounting |
| Answer» The end product of financial accounting is the preparation of final accounts i.e., Trading account,\xa0profit and loss account, and balance sheet. With the help of these accounts, the proprietor or the owner of the business is can analyze the financial position of the business. While the Trading and Profit and Loss account exhibit the profitability of the business during a period of time, the Balance sheet displays the position of the assets and liabilities at a point of time.<br>The end product of financial accounting is balance sheet | |