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FINAL ACCOUNTS

Final Accounts are otherwise called Annual accounts. Normally Final Accounts are prepared at the end of the financial year or Accounting year. The purpose of preparing Final

Accounts is to enable one to know the progress of the business, profit or loss and financial position of the firm at the right time.

The preparation of Final Account is not the first step of the Accounting process but it is the final product of the accounting process. It will give valuable information to the management and outsiders at the end of the Accounting period. Only after the preparation of Trial Balance it is possible to prepare Final Account. Final Account consists of the following parts.

1. Trading Account, 2. Profit and Loss Account, 3. Balance Sheet.