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P2 C3 COMPANY FINAL ACCOUNT — Elements of Account STD 12 Commerce — Question

Gujarat BoardEnglish MediumSTD 12 CommerceElements of AccountP2 C3 COMPANY FINAL ACCOUNT1 Mark
Question
What is included in financial statements?
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Answer

As per section$-2(40)$ of the Companies Act $2013,$ ‘Financial statement’ in relation to company includes –
  • A balance sheet as at the end of the financial year.
  • A profit and loss account or in case of a entity carrying on any activity not for profit, an income and expenditure account for the financial year.
  • Cash flow statement for the financial year.
  • A statement of changes in equity, if applicable.
  • Notes related to the accounts.

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