UPSC Exam > UPSC Videos > Commerce & Accountancy Optional Notes for UPSC > Final Accounts Problem - 3 (With Adjustments)
Final Accounts Problem - 3 (With Adjustments) Video Lecture | Commerce & Accountancy Optional Notes for UPSC
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FAQs on Final Accounts Problem - 3 (With Adjustments) Video Lecture - Commerce & Accountancy Optional Notes for UPSC
| 1. What are the common adjustments made in final accounts? |  |
Ans. Common adjustments made in final accounts include depreciation, accruals, prepayments, bad debts provision, provision for discounts, and provision for doubtful debts.
| 2. How do adjustments affect the final accounts? | |
Ans. Adjustments help to ensure that the financial statements accurately reflect the financial position of the business by accounting for expenses, revenues, and other financial transactions that occurred during the accounting period.
| 3. Why is it important to make adjustments in final accounts? | |
Ans. Making adjustments in final accounts is important to ensure that the financial statements provide a true and fair view of the business's financial position, performance, and cash flows. It helps in correcting errors, recognizing income and expenses in the correct period, and complying with accounting standards.
| 4. How are adjustments reflected in the balance sheet and income statement? | |
Ans. Adjustments are reflected in the balance sheet by adjusting asset and liability values, such as recognizing depreciation on assets or adjusting provisions for doubtful debts. In the income statement, adjustments impact the calculation of net income by accounting for expenses and revenues that were not initially recorded.
| 5. What is the significance of adjusting entries in final accounts preparation? | |
Ans. Adjusting entries are significant in final accounts preparation as they ensure that the financial statements are accurate, reliable, and in compliance with accounting principles. They help in presenting a true and fair view of the business's financial performance and position to stakeholders.
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Nov 22, 2024 Last updated |
Video Description: Final Accounts Problem - 3 (With Adjustments) for UPSC 2024 is part of Commerce & Accountancy Optional Notes for UPSC preparation.
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