Accountancy, asked by divyanshi1101, 2 months ago

1.what is final accounts? explain its stages.

Answers

Answered by Anonymous

Answer:

The preparation of a final accounting is the last stage of the accounting cycle. ... Under this, it is compulsory to make a trading account, the profit and loss account, and balance sheet. The term "final accounts" includes the trading account, the profit and loss account, and the balance sheet.

Answered by jigyasagandhi2006

Answer:

Final accounts show both the financial position of a business along with the profitability, they are used by external and internal parties for various purposes. Trading account, Profit and Loss account and Balance Sheet together are called final accounts.

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