A final account, as the name suggests, is the final stage in the accounting cycle in any organization. Every organization’s operating transactions are first entered in a journal, thereby making their way to the ledger and are balanced.These records are maintained for a specific period. The final accounts come in the last stage of this period. Final accounts are prepared in order to acquaint the management, the owners, the investors, and the stakeholders about the operability and financial stand of the organization.
It the follow up of a trial balance. The components of Final Accounts comprises of the following accounts:
- Profit and Loss Account- it is the representation of the profit or loss incurred by an organization during the accounting period. It is summary of the difference between the revenue and the expenses.
- Balance Sheet-it is the representation of the assets and the liabilities an organizations holds during the accounting period. A surplus of assets over liabilities in the accounting period demonstrates the financial trustworthiness of the organization.
- Trading Account-in layman terms, it is the difference between the selling price and the cost price of the goods and services in the accounting period. It aims to provide the trading results of an organization.
From the above point, it might be confusing about the usage of Profit and Loss Account and Trading Account, since they yield the same result. However, it must be noted that there is a difference between both the accounts. The difference lies in the fact that the former is the difference of expenses versus revenues and the latter is the difference of selling price and cost price.
Adjustments if Final Accounts: a partfrom the following works, there are certain adjustments that need to be made in the final accounts while preparing them. These are the transactions that were not journalized. They come into picture once the trail balance is prepared. These may include salaries, wages, appreciation or depreciation of assets, stock losses, etc. Adjustments are also made for deliberately omitted transactions or last minute expenses of the accounting period.
The above paragraphs mention the intricacies involved in preparing the final accounts of an organization. As it involves a lot of components and is an inevitable part of an organization, it demands a lot of diligence while preparing one. This is the statement that provides the confidence to the investors about the future investments to be made in an organization, the trust of the stakeholders if built by it, and also allows the management to take necessary steps to stay relevant in the industry.
A careful preparation of the final accounts is required so that the operability and the financial stability of the organization are measured.It poses a great dread to students while working on final accounts homework because of the complexities involved in it.The meaning of final accounts homework answers should be taken seriously and not just a means to secure good grades and GPAs. For students seeking a successful career in finance, this should meticulously work upon. A final accounts homework should be taken up to prepare for the industry related problems.
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