What are the basic objectives of Financial Statement?
AccountancyClass 11CBSEAnswered 23 Jun 2026
Answer
The basic objectives of Financial Statement are:
- To present a true and fair view of the financial performance of business.
- To present a true and fair view of the financial position of the business
For this purpose, the firm usually prepares the following financial statements:
- Trading and profit and loss Account.
- Balance sheet.
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