UPSC Exam > UPSC Videos > Commerce & Accountancy Optional Notes for UPSC > Simple Problem To Workout "Balance Sheet " In Final Accounts
Simple Problem To Workout "Balance Sheet " In Final Accounts Video Lecture | Commerce & Accountancy Optional Notes for UPSC
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FAQs on Simple Problem To Workout "Balance Sheet " In Final Accounts Video Lecture - Commerce & Accountancy Optional Notes for UPSC
| 1. What is a balance sheet in final accounts? |  |
Ans. A balance sheet in final accounts is a financial statement that provides a snapshot of a company's financial position at a specific point in time. It shows the company's assets, liabilities, and shareholders' equity.
| 2. How is a balance sheet different from an income statement? | |
Ans. A balance sheet in final accounts shows a company's financial position at a specific point in time, while an income statement shows a company's financial performance over a period of time, typically a month, quarter, or year.
| 3. What is the importance of a balance sheet in final accounts? | |
Ans. A balance sheet in final accounts is important as it helps investors, creditors, and analysts evaluate a company's financial health and stability. It provides insights into the company's assets, liabilities, and shareholders' equity.
| 4. How is a balance sheet prepared in final accounts? | |
Ans. A balance sheet in final accounts is prepared by listing a company's assets on one side and its liabilities and shareholders' equity on the other side. The assets must equal the liabilities and shareholders' equity for the balance sheet to be in balance.
| 5. What are some key components typically found on a balance sheet in final accounts? | |
Ans. Some key components found on a balance sheet in final accounts include cash, accounts receivable, inventory, property, plant, and equipment (PP&E), accounts payable, long-term debt, and shareholders' equity.
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Nov 22, 2024 Last updated |
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