Final Accounts

Final accounts are the comprehensive financial statements prepared at the end of an accounting period, typically in businesses. They include the income statement, which shows revenues and expenses to determine profit or loss, and the balance sheet, which summarizes assets, liabilities, and equity at a specific date. These accounts provide stakeholders—such as owners, investors, and creditors—with insights into the company’s financial performance and position. They are crucial for assessing the financial health of a business and are often required for regulatory compliance and tax purposes.