Final accounts refers to the position of a company at the end of its accounting period. A company can finalise its accounts based on its own timelines, but it is usually a year. At the end of the accounting period, the company prepares final accounts and looks at its position and knows whether it has made a profit or a loss.
The final account prepared at the end of financial yr of the company.sothat the company check what profit is earned by company.and also checked company ios going to profit or loss.
Over or the end in french
Final means at the end. Final accounts are prepared at the end of the accounting year and are made up of the Income Statement for the whole year, that is how the company has earned sufficient revenue to cover its expenses, interest and tax and to realise a profit for its owners: And a Statement of Financial Position (Balance Sheet) showing the Assets and Liabilities on the last day of the accounting year. A Company's Annual Report must also contain a Cash Flow Statement, A Directors Report, an Auditor's Report and some explanatory notes regarding the policies, concepts and conventions applied in preparing those accounts.