1.what is final accounts? explain its stages.
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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.
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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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