JKSSB Accounts Assistant | TOPIC 14 | Accountancy TOP 40 MCQs | TRADING ACCOUNT | (2020)

Описание: Accountancy JKSSB Accounts Assistant 2020

This section is the most important Section as far as JKSSB Accounts Assistant 2020 Exam is concerned. Because this section has a weightage of 30 marks in this Exam. So, prepare this section with full efforts because this section will help you in scoring good marks.

So, I am here to help you by providing the top and most important multiple choice questions from every topic of this Section which will help you a lot.

Revise these top Multiple choice Questions, if you want to qualify this exam.

IN THIS VIDEO YOU WILL FIND THE Top 40 MULTIPLE CHOICE QUESTIONS (MCQs) FROM THE TOPIC TRADING ACCOUNT

TRADING ACCOUNT
At the end of the financial year or at the end of the financial accounting period, an entity prepares the financial accounting statements to know the profit and loss and also the financial position of the business. These statements help users of financial accounting, the information in decision making. In this article, we will see the steps of the preparation of the trading account.

The trading account is the first step in the process of preparing final accounts. It helps in finding out the gross profit or gross loss during an accounting year, which is an important indicator of business efficiency.
It is normally prepared by a merchandising concern which purchases and sells the goods during a particular period.

The trading account shows the gross profit or gross loss during the accounting period. The trading account is based on matching the selling price of goods and services with the cost of goods sold and services rendered.

Features of Trading Account
It is the first stage in the preparation of financial accounting statements of a trading concern.
It records only the net sales and direct cost of goods sold.
The balance of this account discloses the gross profit and gross loss.
We transfer the balance of the trading account to the profit and loss account.

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