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Full sets of accounts means
1. Statement of profit and loss
2. Statement of other comprehensive income
3. Statements of changes in Equity
4. Statement of financial position
5. Notes to the financial statements
Finalization of Accounts means to close the above set of accounts for the particular financial year/period as per relevant GAAP and Statutory requirements.
Full set of accounts means the chart or list of accounts and the finalization of accounts means find the financial performance and financial position by preparing the income statement , balance sheet and the cash flow statements..
Pass Journal Entries,
Posting to General Ledger,
Preparing Trial Balance,
Year End Adjustments,
Preparing Final Accounts,
Doubtful Debts Provision
Depreciation Provision
Bank Reconciliation
Control Accounts
Limited Company Accounts
Manufacturing Accounts
Incomplete Records
Income And Expenditure Accounts
These are the following steps involved in Finalization. 1. Journalizing 2. Preparation of Ledgers 3. Prepare unadjusted Trial balance and find out missing figures 4. Prepare Adjusted Trial balance by passing necessary adjustment entries 5. Prepare manufacturing Account or trading & Profit &loss statement 6. Prepare finally Balance sheet
The full set of accounts consists of:
1. Statement of financial position
2. Statement of comprehensive income
3. Statement of cash flows
4.Statement ofchanges in equity and
5. Notes to the accounts
Finalization of accounts means preparation of trial balance (is closing balance of all ledgers), income statement and balance sheet. The accounts should be accurate.
