Question

The accounts which are prepared at the end of each financial year. Answer in a word / phrase / term.

Answer 1

Heya user ✨✨

The accounts which are prepared at the end of each financial year⤵️⤵️⤵️⤵️⤵️


(Profit and loss account)

Answer 2

Final accounts are the accounts that are prepared at a financial year's end.

• Final accounts are those accounts that are prepared to report on the profitability and financial position of the business at the end of the accounting period.
• There are two statements involved in the final accounts, the declaration of income also known as the Trading and Profit & Loss account and the Financial Position Statement known as the Balance Sheet.
• Final accounts are also prepared as per the trial balance's adjustments.