Quote:
Originally Posted by Bahawal Khan
But then how am I supposed to know that which format I have to follow. From how far I have seen the past papers, the question doesn't mention anything. Although paper 2011 was way different than previous papers but like all other papers it didn't mention the particular format in the final accounts question. Even if I prepare various formats, the question would just require the preparation of a b.s, p&l or st of changes in equity. format won't be specified.confused.
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you are suppposed to follow the requirement of the question........irelevant of the fact that its a css paper or any other level the requirements of the question determine the way u format you accounts or balance sheet
profit and loss a/c is the classic t a/c presentation of profit and losses for the year
while income statement provides the same info in a vertical format in a summary form
both profit and loss a/c nd balance sheet though are still in practice at teaching levels .......at professional stages these are considered obsolete
balance sheet is now known as statement of financial position
and profit nd loss a/c is statement of financial performance (another name may be statement of comprehensive income )
(all this may sound quite much after looking at past papers up to 2010 but after 2011 one should have a basic knowledge of all formats and current practices )