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Financial Statements With Adjustments : Class 11 XI Accounts. Video Lecture - Commerce
FAQs on Financial Statements With Adjustments : Class 11 XI Accounts. Video Lecture - Commerce
| 1. What are financial statements with adjustments? |  |
Ans. Financial statements with adjustments are prepared to reflect the true and fair view of a company's financial position and performance. Adjustments are made to correct any errors or omissions in the financial statements, ensuring that they accurately represent the company's financial position.
| 2. Why are adjustments necessary in financial statements? | |
Ans. Adjustments are necessary in financial statements to correct any errors or omissions that may have occurred during the accounting period. These adjustments ensure that the financial statements provide a true and fair view of the company's financial position and performance.
| 3. What are some common types of adjustments made in financial statements? | |
Ans. Some common types of adjustments made in financial statements include accruals, provisions, depreciation, bad debts, prepayments, and inventory valuation adjustments. These adjustments help to ensure that the financial statements reflect the economic reality of the business.
| 4. How are adjustments recorded in financial statements? | |
Ans. Adjustments are recorded by making journal entries in the relevant accounts. For example, if an adjustment is required to recognize a provision for bad debts, a journal entry will be made to debit the bad debt expense account and credit the provision for bad debts account.
| 5. Who prepares financial statements with adjustments? | |
Ans. Financial statements with adjustments are prepared by the company's accountants or financial professionals. They have the responsibility to ensure that the financial statements accurately reflect the company's financial position and performance by making necessary adjustments. These statements are then reviewed by auditors to provide assurance on their accuracy and compliance with accounting standards.
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Nov 15, 2024 Last updated |
Financial Statements With Adjustments : Class 11 XI Accounts. for Commerce2024 is part of Commerce preparation. The notes and questions for Financial Statements With Adjustments : Class 11 XI Accounts.
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