Question

impartanceand purposeof final accounts​

Answer 1

Answer:

final accounts gives an idea about the profitability and financial positions of a business. all financial transactions first recorded in the journal. they are then transfer to ledger and balanced. these final tallies are prepared for a specific period say for an accounting year.

Answer 2

Answer:

Explanation:

Financial position is reflected by Balance Sheet. These are, usually, prepared at the close of the year hence known as final accounts. They serve the ultimate purpose of keeping accounts. Their purpose is to investigate the consequence of various incomes and expenses during the year and the resulting profit or loss