final accounts

  

Definition

The financial statements of an organization made up at the end of an accounting period, usually the fiscal year.

For a manufacturer, the final accounts consist of (1) manufacturing account, (2) trading account, (3) profit and loss account, and (4) profit and loss appropriation account. A commercial company's final accounts will include all of the above except the manufacturing account. Together, these accounts show the gross profit, net income, and distribution of net income figures of the company.


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