FINAL ACCOUNTS, ACCOUNTING CYCLE, Types of Financial Statement, Trading Account, Specimen Proforma of Trading Account

FINAL ACCOUNTS 

ACCOUNTING CYCLE

Final Accounts is the last step in the accounting process. Trial Balance is prepared at the end of the accounting year to know the balances of all the accounts & to test the arithmetic accuracy of accounts. But the basic objective of accounting is to know about the profit or loss during the previous year & present financial position. This can be known only if the Trading Account and Profit & Loss account and Balance Sheet are prepared at the end of the year. These are also known as FINANCIAL STATEMENTS which are prepared.

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