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The observation of final accounts generally refers to the process of reviewing and analyzing the financial statements of an organization at the end of a reporting period, such as a fiscal year. The review is typically performed by an external auditor or accountant, who examines the organization's financial records and statements to ensure accuracy and compliance with applicable accounting standards and regulations. The observations made during this process may include identifying errors or inconsistencies in the financial statements, assessing the adequacy of internal controls, and providing recommendations for improvements or adjustments. The results of the final accounts observation are typically presented in a report, which may be used by the organization's management, stakeholders, investors, and regulatory agencies.
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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
How do you treat interest on debentures in final accounts?
is it a liability
Where does general reserve appears in final accounts?
Asset side
What are the characteristics of final accounts?
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 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.
Which defines a logical explanation that accounts for observation?
Which defines a logical explanation that accounts for observations
Why do you need to record your observation when performing an experiment?
To give final result to our observation
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.
How do you treat debenture interest in final accounts?
is it a liability
What is preliminary expenses in final accounts?
It is deffered cost
How do you treat interest on debentures 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.
