Tag: preparation of comparative statements
Questions Related to preparation of comparative statements
______________ a snapshot of the financial condition of the firm at a particular time.
Comparative Statement of profit and loss is the horizontal analysis of Statement of profit and loss which shows :
Comparative Statements is prepared to check _______.
Comparative Income statement shows the _________________.
Comparative statement when prepared for comparing the enterprise's financial statements with that of another enterprise, is known as Inter-firm comparison.
Comparative Statement when prepared for comparing the enterprise's financial statements of two or more years, is known Intra-firm Comparison.
Comparative Financial Statements mean comparative study of items or components of financial statements for two or more years or with that of other enterprises.
Comparative financial statements are prepared for ____________ comparison.
Which of the following are the steps followed for preparation of comparative statements?
a. List out absolute figures in rupees related to two points of time.
b. Find out changes in absolute figures by subtracting the first year from second year and indicating the change as increase or decrease.
c. Then calculate percentage for decrease amount.
d. Then calculate the percentage change.
____________ statements refer to the Profit and Loss Account and Balance Sheet prepared by providing columns for the figures for both the current year as well as for the previous year and for the changes during the year.