Learning Materials For Accounting, Management , Finance And Economics.

Monday, December 21, 2009

Concept And Meaning Of Final Account

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.Profit and loss account and balance sheet are included in final account.Profit and loss account 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.