what are the final account?
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debit site of profit and loss is a summary of all the indirect expenses as incurred by firm during particular accounting year
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Answer: As the name suggests they are the final accounts that are prepared at the last stage of an accounting cycle.
Explanation: Final accounts show both the financial position of a business along with the profitability, they are used by external and internal parties for various purposes. Trading account, Profit and Loss account and Balance Sheet together are called final accounts.
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