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Answer Posted / ammu
By preparing the balance sheet we can know the final
position of the particular organisation,firm or the
business in th balance we will record the total total
assets and liabilities .Throush the tally of the balance
sheet we can identify the finacial position of the
business. These are the uses of the balance sheet.
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Is there any circumstance where an accountant is allowed to depart from accounting standards while preparing financial statements? If yes explain why, if no explain no.
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