Question

Final account process with example

Answer 1

FINAL ACCOUNT:-

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.

FINAL ACCOUNT PROCESS:-

Preparing the final account is the process of calculating and agreeing any adjustments to the contract sum (the amount originally set out in the contract to be paid to the contractor for completion of the works) so that the amount of the final payment can be determined

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