What are final accounts? What are its constituents?

1.	What are final accounts? What are its constituents?
Answer» Businessmen want to know the profitability and the financial position of the business. These can be ascertained by preparing the final accounts or financial statements. The final accounts or financial statements include the following: 1. Income statement or trading and profit and loss account; and 2. Position statement or Balance sheet.

Answer»

Businessmen want to know the profitability and the financial position of the business. These can be ascertained by preparing the final accounts or financial statements.

The final accounts or financial statements include the following:

1. Income statement or trading and profit and loss account; and

2. Position statement or Balance sheet.

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What are final accounts? What are its constituents?

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