Financial accounting
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 June 2013
WHAT IS THE MEANING OF FINAL ACCOUNT
04 June 2013
Final Account is the final process of accounting. Final account is prepared to show the final result of the company in a specific period. Final account is also known as financial statement. Statement of Profit and loss and balance sheet are included in final account.Statement Profit and loss shows the profitability achieved during the accounting period and balance sheet reflects the composition of various assets, liabilities, and share holder's equity on the accounting period.
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