A final account is the last stage of accounting process in any organization. It maintains the records of all transactions in a particular cycle and prepares the worksheet accordingly. It is primarily prepared to help the management, the investors, the stakeholders, and the owners about the operability and the financial stability of an organization at the end of the cycle. This allows them to take necessary actions based on the report. A final account comprises of the following:
- Profit and Loss Statement- it states the profit or loss accrued by an organization in the accounting period by calculating the difference between the revenues and the expenses.
- Balance Sheet-it states the availability of the assets and the liabilities held by an organization in the accounting period.
- Trading account- it states the differences between the selling price and the cost price of the goods and services.
A final account is the last stage which depicts the relevancy of the organization in the market. Based on the final account the investors decide to further invest or back out. It is a crucial part of accounting process as the fate of an organization lies in it. Despite being such a vital part of the accounting process for an organization, it comes with its own flaws. A few of the limitations of the final account is mentioned below.
- Ignores qualitative aspect-the final account brings forth the quantitative aspects of an organization in monetary values. However, the qualitative aspect, such as individual division performance, is totally neglected while preparing the final account.
- Ignores human resource- the most crucial part of any organization is the human resource, even after considerable automation. However, the final account completely ignores such a vital component of running an organization.
- Ignores price level changes-the prices of raw materials, assets, production are subjected to change based upon the market requirements and the availability. However, such changes are entirely overlooked while preparing the final account.
- Ignores stakeholders-stakeholders comprise of workers, investors, employees, etc. Such a factor cannot be sidelined as the organization would stop functioning in their absence. However, the final account pays no heed to the stakeholders.
- Dynamic process-every organization has its own method of calculations of the appreciation and depreciation of the assets. Even different organizations under the same firm have such differences in calculations. This generates discrepancies while reading the final account as uniformity is missing in all the statements.
With the above points it is apparent that no matter how significant a final account is, it would always include these flaws. It may capture the financial stability monetarily; however, the human aspect of performance would always be absent. Moreover, the effects of inflation are also unnoticed, even though the organization’s flourishing. That being said, it would be extremely difficult to standardize such a vital process of accounting process.
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