Question

why final account is compulsory for the business man

Answer 1

because sometimes of transactions of money is in the business which can we reduce or increase by the Businessman when their the check Bounce or cheque given to a particular person there is a bank where a black check or a large number of large amount of money is taken through check from the bank which is compulsory for a businessman ,all about business man is necessary for the all Taxes is paying by the businessman .all need of bank is compulsory for business man

Answer 2

Answer:

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Final accounts gives an idea about the profitability and financial position of a business to its management, owners, and other interested parties. It determines the financial position of the business. Under this, it is compulsory to make a trading account, the profit and loss account, and balance sheet.