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What is the explanation for the liquidator's final statement of accounts?
Wiki User
∙ 9y ago
The liquidator's final statement of account is the account of winding up.
Wiki User
∙ 9y ago
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What is liquidators final account?
The liquidator's final account shows the succession's net assets or deficit.
What is the difference between final account and financial statement?
Financial Statement: Financial statement is a instrument used to present a companies financial position. Financial statement complies with balance sheet, cash flow and funds flow statements. Final accounts is the final stage of preparation of financial statement
What are the characteristics of final accounts?
Final accounts are closed accounts at the end of a period in accounting. Final accounts cannot be changed and represent the transactions in an accounting period.
What are characteristics of final account?
Final accounts are closed accounts at the end of a period in accounting. Final accounts cannot be changed and represent the transactions in an accounting period.
Meaning of final account of a company?
Final accounts are the accounts prepared at the final stage to judge the financial position of the business.It consist of Trading and profit and loss account and Balance sheet.It provide necessary information to various interested groups- share holder, investors, creditors..It also known as financial statement.-------by, bhavinpv@gmail.com
Why final accounts prepared?
The final account is prepared at the end of each year. It is the combination of the income statement and the balance sheet. The final accounting shows a business where is stands financially and can be compared to past years to see if business and profits are up or down.
What is final accountant?
Finalization of accounts is to prepare financial reports along with comparision and brefing of company's financial reports include (Income Statement, Cash flows, Balance Sheet, Statement Chages in Equity, Policies and disclousers) .
What is that Uses and limitations of the trial balance?
Uses -> Checks for errors -> Summarizes the balances on accounts to be transferred to final accounts (Income Statement and Balance Sheet) Limitations -> Does not reveal certain errors like omission, complete reversal... etc.
How are the provisions for doubtful debts treated in the final accounts?
The debts are treated as expenses in the profit and loss account, being entered on the debit side of the income statement coloums.
What is matching concept?
while preparing final accounts, accounts should show accruals and prepayments.the net amount for the financial year should be shown in the final accounts
Is wrong a final statement?
no
What is the proforma for final accounts?
Trial balance
