Accountancy, asked by Anonymous, 13 days ago

explain the necessity of preparing final accounts??
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Answered by orion53
3

Answer:

Final accounts gives an idea about the profitability and financial position of a business to its management, owners, and other interested parties. All business transactions are 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 a trading account, the profit and loss account, and balance sheet.

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Answered by shaguns505
0

Explanation:

explain the necessity of preparing final account

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