What is meant by Finalization of Accounts?

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maheshashwini

  • Mar 6th, 2010
 

Accounts Finalization means i.e. preparation of trial balance (i.e closing balance of all ledger), Trading, P & L Account, And Balance Sheet. These accounts should be perfect and accurate.

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Rammohan

  • Dec 8th, 2011
 

that's called final account not finalization of accounts...

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jagadish

  • Jan 7th, 2012
 

Accounts Finalization means preparation of accounts with accurate figures & arriving at the accurate profit or loss incurred. Normally an account is prepared by an accountant & finalised by a senior accountant or Auditor/Chartered Accountant.

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samsher

  • Feb 24th, 2012
 

After trading account a final account is prepared and the transformation of the accounts from trading to profit & loss account it is called finalizing of accounts.

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sohail

  • Oct 11th, 2014
 

somebody explain me process of A/C finalization

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sindhuja

  • Dec 8th, 2014
 

All Accounting Ledgers in mentioned period reconcile &
After that finalize Trading & Profit & loss A/c &
Balance sheet called finalization of accounts.
Finalization of Accounting entries like Provision of Expenses, Depreciation etc

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