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Meaning, objectives and importance of final accounts - class-XI
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The financial statements consist of _______________.
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A
Both (ii) and (iii)
💡 Explanation:
At the end of every financial year, books of account of the business are closed and financial statements are prepared. Financial statements are prepared to know the profitability of the organization for a particular period and also to know the financial position of the business on a particular date.
Financial statements consist of:
Profit and Loss Account
Balance Sheet.