Question

What do you mean by final accounts? what are its components?Name them and briefly explain​

Answer 1

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. ... The term "final accounts" includes the trading account, the profit and loss account, and the balance sheet.

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Answer 2

Answer:

Final accounts gives an idea about the profitability and financial position of a business to its management, owners, and other interested parties. ... The term "final accounts" includes the trading account, the profit and loss account, and the balance sheet.

Explanation:

the final accounts consist of (1) manufacturing account, (2) trading account, (3) profit and loss account, and (4) profit and loss appropriation account