What do you mean by Full sets of Accounts and Finalisation of Accounts ?

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.