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Final Accounts is the ultimate stage of the accounting process where the different ledgers maintained in the Trial Balance (Books of Accounts) of the business organization are presented in the specified way to provide the profitability and financial position of the entity for a specified period to the stakeholders and other interested parties, i.
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What are Final Accounts?
Final Accounts: Definition. The accounts prepared at the final stage of the accounting cycle to illustrate the profit or loss and financial position of a business concern are known as the final accounts.. Final Accounts: Explanation. Every businessman enters into business activities to make a profit. The role of accounting is to compile the financial records of a business in such a manner that.