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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.
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
What is the proforma for final accounts?
Trial balance
What are the duties of the final accounts department in an organisation?
The finance department of a company is responsible for preparing final accounts. The prepare the Balance Sheets and the profit and loss account.
What are the cash accounts and non cash accounts in the financial statements and their characteristics?
If you get 20,000.00 cas for inventory and get 20,000.00 in inventory what T accounts are affected
How do you treat interest on debentures in final accounts?
is it a liability
What is preliminary expenses in final accounts?
It is deffered cost
How do you treat debenture interest in final accounts?
is it a liability
Where does general reserve appears in final accounts?
Asset side
What is the explanation for the liquidator's final statement of accounts?
The liquidator's final statement of account is the account of winding up.
Final accounts of a farmer can be prepared under?
single entry method
Is trial balance prepared before preparation of final accounts?
yes
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