A final account, as the name suggests, is the final stage in the accounting cycle in any organization. Every organizationâ€™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:
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.
The meaning of final accounts homework answers provided in schools prepares students superficially and not wholly. Moreover the assistance by the faculties is insufficient for real world problems as it involves a lot of work to be done. The students are always having the option of taking professional help when it comes to final accounts homework, as it is availed readily with assistance on real world problems. The following points enumerate the advantages of seeking expert assistance in final accounts homework:
The purpose of education is to prepare the students with knowledge that makes them face real world problems. However, the homework provided by schools lack in it; and fails to make the students industry ready. Even the assistance by the faculties is also restricted to school hours only. In such a scenario it is always beneficial to take meaning of final accounts homework answers help so that they prepare themselves for the future. This also enables the student to solve the homework with an out-of-box approach, which is what, is required whilst solving real world problems.