what is final account ?
Answers
Answered by
2
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. They are then transferred to a ledger and balanced. These final tallies are prepared for a specific period.
Answered by
0
Answer:
final accounts
Business man wants to know the profitability and financial position of the business .This can be ascertained by preparing final accounts or financial statement
It includes
- income statement or trading and profit and loss account
- position statement or balance sheet
this answer will give you 2 marks
Similar questions