Question

What fo mean by Final account

Answer 1

Answer:

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.

Answer 2

Answer:

$\huge\mathfrak\pink {Answer}$

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Final accounts is a somewhat archaic bookkeeping term that refers to the final trial balance at the end of an accounting period from which the financial statements are derived. This final trial balance includes every journal entry used to close the books, such as:

● Wage and payroll tax accruals

● Income tax accruals

● Asset write downs

● Adjustments to reserves for returns, bad debts, and obsolete inventory

● Depreciation and amortization

● Overhead allocation

● Customer billings

Customer billingsThus, final accounts can refer to the final trial balance or the financial statements upon which they are based. The primary financial statements are the income statement, balance sheet, and statement of cash flows.

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