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Net Profit or Loss will be derived at _______ stage of accounting
  • a)
    Classifying
  • b)
    Interpretation 
  • c)
    Recording 
  • d)
    Summarising 
Correct answer is option 'D'. Can you explain this answer?
Verified Answer
Net Profit or Loss will be derived at _______ stage of accountinga)Cla...
Summarising stage is concerned with the preparation and presentation of the classified data in a manner useful to the internal as well as external users of financial statements. This process leads to the preparation of the following financial statements. Therefore, Net Profit or Loss is derived at the summarising stage.
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Most Upvoted Answer
Net Profit or Loss will be derived at _______ stage of accountinga)Cla...
 obviously the summarising stage because at the classifying stage repost all the entries from general journal into the ledger and after the posting is done we get into the summarising state in which we prepare a trial balance and the financial statements or final statements of the organisation which includes your balance sheet and statement of profit and loss .Thus net profit which is derived from the statement of profit and loss is calculated at the summarising stage
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Community Answer
Net Profit or Loss will be derived at _______ stage of accountinga)Cla...
Because at the last stage we calculate balance sheet which reveals the net profit or loss
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Net Profit or Loss will be derived at _______ stage of accountinga)Classifyingb)Interpretationc)Recordingd)SummarisingCorrect answer is option 'D'. Can you explain this answer?
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