Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 10 - No. 33)
What are the steps to follow for an accurate preparation of financial statements?
Prepare an income statement.
Prepare an appropriation account.
Allocate the capital and current amounts.
Provide accruals and provisions.
Explanation
Steps to follow for the financial statements include preparation of the income statement and the appropriation account, with a proper provision for accruals and provisions.
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