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The preparation of a final accounting is the last stage of the accounting cycle. It determines the financial position of the business. Under this, it is compulsory to make a trading account, the profit and loss account, and balance sheet. The term "final accounts" includes the trading account, the profit and loss account, and the balance sheet.
Financial accounting aims at presenting 'true and fair' view of transactions, profit and loss for a period and Statement of financial position (Balance Sheet) on a given date. It aims at computing 'true and fair' view of the cost of production/services offered by the firm. [11]
Accounts are used in the generation of a trial balance, a list of the active general ledger accounts with their respective debit and credit balances used to test the completeness of a set of accounts: if the debit and credit totals match, the indication is that the accounts are being correctly maintained. However, a balanced trial balance does ...
Items in accounts are classified into five broad groups, also known as the elements of the accounts: [2]. Asset, Liability, Equity, Revenue, Expense; The classification of equity as a distinctive element for classification of accounts is disputable on account of the "entity concept", since for the objective analysis of the financial results of any entity the external liabilities of the entity ...
Om Prakash Malhotra was an Indian field hockey player who played as a halfback. He was part of the India national team that won gold at the 1956 Melbourne Olympics . [ 1 ] [ 2 ] He was a member of the Indian team that toured Afghanistan in 1952 and Malaya and Singapore in 1954 .
Om Prakash Malhotra was born on 6 August 1922 in Srinagar, Jammu and Kashmir, British India, into a Punjabi Hindu Khatri family of the Malhotra clan, within the Dhai Ghar family-group originally belongs to Lahore. Malhotra received his schooling first at Model High School, Srinagar, and then at Sri Pratap College, Srinagar.
Om Prakash Malhotra also known as O.P. Malhotra (died 2013) was a Senior Advocate in the Supreme Court of India, and a distinguished author who brought out the treatise on the Law of Industrial Disputes and authored commentary on the Law & Practice of Arbitration and Conciliation.
Born to Tamil Brahmin parents, Raman was a precocious child, completing his secondary and higher secondary education from St Aloysius' Anglo-Indian High School at the age of 11 and 13, respectively. He topped the bachelor's degree examination of the University of Madras with honours in physics from Presidency College at age 16.