3.4 Final Accounts
5th Edition
The key term “final accounts” refers to the financial statements prepared by a business at the end of an accounting period that shows all stakeholders the company’s financial situation.
One of the statements is called a “profit and loss” or “income” statement. It shows the income and expenses that came through the company during a selected period.
Another final account statement is called the “Balance Sheet”. It shows the assets and debts in a company which is used to estimate the net worth of a business at the time the statement was prepared.
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Video: Accounting Begins Before Bookkeeping...
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Handout: Accounting Stakeholders
Study Guide: How Final Accounts Help Internal and External Stakeholders
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Video: A Simple Explanation Of The 3 Different Types Of Costs
List Of Key Terms With Definitions
Video: What's The Difference Between Revenue and Profit?
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Video: What Are "Final Accounts"?
Video: The Three Most Important Financial Statements Are...
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Infographic: The Financial Statement Consists Of Three Pieces: Balance Sheet, Profit & Loss, and Cash-Flow
Handout: What Is The Purpose Of Creating Final Accounts?
Video: The Key To Understanding Financial Statements
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Video: Definition Of An Income Statement (Profit & Loss Statement)
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Video: How To Use The Income Statement To Calculate Profit
Handout: What's The Difference Between The Trading Account And The Profit & Loss Account?
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Video: Example Of A Trading Account (Advanced Lesson)
Handout: What Is The "Appropriation Account"? (With Memory Tip)
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Video: Intro To The Balance Sheet
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Video: Introduction To The Balance Sheet
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Video: What Does A Debit Do To Your Account and What Does A Credit Do To Your Account? (Think Dogs and Cats)
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Video: How To Read A Balance Sheet
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