What is a final account?

Question

Accepted Answer

Final account is the statement of all financial transactions of a project or business at the end of a specific period.

Final account summarizes all the financial transactions of a project or business
It includes all the revenues, expenses, assets, and liabilities
It is prepared at the end of a specific period, usually at the end of a project or financial year
It helps in evaluating the financial performance of the project or business
Examples include balance sheet, income statement, and cash flow statement

Accepted Answer

The final account is where the company knows their financial position.