Question

what do you understand by final accounting ​

Answer 1

Answer:

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Explanation:

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.

Answer 2

Answer:

Final Accounts are the accounts, which are prepared at the end of a fiscal year. It gives a precise idea of the financial position of the business/organization to the owners, management, or other interested parties. Financial statements are primarily recorded in a journal; then transferred to a ledger; and thereafter, the final account is prepared (as shown in the illustration).

Usually, a final account includes the following components −

Trading Account

Manufacturing Account

Profit and Loss Account

Balance Sheet

Explanation:

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