Balance sheet is prepared by following stock concept, whereas profit and loss account is prepared following flow

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“Balance sheet is prepared by following stock concept, whereas profit and loss account is prepared following flow concept.” Discuss.

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Financial Accounting

ISBN: 9780071078023

1st Edition

Authors: Dhanesh K. Khatri

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Question Posted: Dec 15, 2023 11:39 PM

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Balance sheet is prepared by following stock concept, whereas profit and loss account is prepared following flow

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Stock concept and flow concept are two accounting principles that determine the preparation of financial statements specifically the balance sheet and ...View the full answer

Financial Accounting

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