Question

Conclusion of final accounts

Answer 1

'''Final accounts''' give an idea about the profit (accounting)ability and financial position of a [[business]] to its management, owners, and other interested parties. All Business transaction management|business transactionsare first recorded in a journal. They are then transferred to a ledger and balanced. These final tallies are prepared for a specific period. The preparation of a final accounting is the last stage of the accounting cycle. It determines the financial position of the business. under this it is compulsory to make trading account,The profit and loss account and balance sheet.

The term "final accounts" includes the ''Trading account assets|trading account'', the ''profit and loss account'', and the ''balance sheet''. Section 209 of the Companies Act 1956makes it compulsory for company|companiesto keep certain books of accounts.

Answer 2

Answer:

The final accounting is the final step of the accounting process. read more. Final accounting includes the Statement of Profit & Loss and Balance Sheet. It is based on the accounting equation that states that the sum of the total liabilities and the owner's capital equals the total assets of the company.

It shows the economical conditions of your business. It has lthe total calculation of liabilities andssets