What are the two statements prepared for summarising the transactions?
I.Balance Sheet
II.Journal
III.P&L
IV.Cash Book
A)Only I and II
B)Only I,II and III
C)Only I,II and IV
D)Only I and III

Question

Quizplus · Accepted Answer

The Balance Sheet and the Profit & Loss (P&L) statement are the two primary financial statements prepared for summarizing transactions. The Balance Sheet provides a snapshot of a company's financial position at a specific point in time, showing assets, liabilities, and equity. The P&L statement, also known as the income statement, summarizes the company's revenues, costs, and expenses over a period to show the company's financial performance.

What Are the Two Statements Prepared for Summarising the Transactions