Accounting process covers the process of recording transactions of financial nature of a firm, in rough form to start with proceeding with classifying and summarizing them into the two essential documents, viz.
- Trading and Profit and Loss Account, and
- Balance Sheet
for purposes of information to the ultimate users of those financial documents of the firm.
The details thereof till the operation of what is called a Trial Balancing Statement is now dealt with, and the elaboration of the details of the T&P&LA and of the BS are deferred to later unit(s).
No comments:
Post a Comment