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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.
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.
How do you prepare customer accounts?
Rita
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 sequence correctly summarizes the accounting process?
1. Journalize transactions, Post to the accounts, Prepare a trial Balance. 2. Post to the accounts, Journalize transactions, Prepare a trial Balance. 3. Prepare a trial Balance, Journalize transaction, Post to the accounts
Why do businesses prepare control accounts?
don't know and what control of accounts do you need in a business
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 procedure of finalisation of accounts?
Check all the ledger account post the Jv in the respective accounts come out with final balance of the ledger account then start putting figures in trial balance & then prepare trading, profit & loss account & balance sheet for the respective year.
Independent branch accounts?
It is a branch which had able to prepare its own accounts on its books then we say that is an independent branch. Accounts prepared by it is technically called as independent branch accounts.
Numerical of accounts related to final accounts?
First of all we journalise the entries and post into the ledgers and again prepare the trial balance after that trading and profit & loss a/c balance sheet. Again we will have to analyse the all aspects for decision makin The final accounts are: Manufacturing Account Trading Account Profit And Loss Account Profit and Loss Appropriation Account and Balance Sheet. The process of finalisation is something like this: Prepare a Trial Balance See whether it agrees or not If it does not agree then investigate the ledgers That process means that see whether Purchase ledger tallies with cash book purchase entries etc. After that you are ready to finalise the accounts but provide for taxes prepare provision for doubtful debts prepare gross block of fixed assets and depreciation prepare net block of fixed assets prepare gross and net block of inventory and value inventory at cost or market value whichever is less for this purpose the market value of the inventory need to be ascertained prepare bank reconciliation statement and tally all bank balances with bank accounts prepare gross and net block of furniture and fixtures provide for wages and salaries etc if they are payable after finalization period
Who are accounts prepare for?
Not sure, but all your base are belong to us.
What is the proforma for final accounts?
Trial balance
