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Categories >> Accounting >> Taxation
 
 


 

 
 Audit interview questions  Audit Interview Questions (428)
 CompanyAffairs CS interview questions  CompanyAffairs CS Interview Questions (158)
 Taxation interview questions  Taxation Interview Questions (1903)
 Accounting General interview questions  Accounting General Interview Questions (2826)
 Accounting AllOther interview questions  Accounting AllOther Interview Questions (4368)
Question
what is finalisation of accounts ? what are finalisation of 
accounts entries ?
 Question Submitted By :: Taxation
I also faced this Question!!     Answer Posted By  
 
Answer
# 1
All Accounting Ledgers in mentioned period reconsile &
After that finalise Trading & Profit & loss A/c & Balance
sheet callied finalisation of accounts. Finalisation of
Accounting entries like Provision of Expenses, Depriciation
etc.
 
Is This Answer Correct ?    40 Yes 6 No
Satpal
 
Answer
# 2
Preparation of the statement of account comprising Balance sheet, Profit and Loss Accounts and Notes forming part of the Accounts is the finalisation of accounts after making adequate provision for expenses depreciation etc. After that:-
1) Transfer all revenue accounts to Profit and Loss Account
2) Tally the Profit and Loss Account With Profit and Loss account attached with the Balance Sheet.
3) Balance of all Assets and Liabilites are carried forward to the next year which must match with the Balance sheet figures.
 
Is This Answer Correct ?    33 Yes 1 No
Mohandas
 
 
 
Answer
# 3
Finalisation means closure of books of accounts for a particular period and preparing profitability statement and balance sheet at the end of that period to know the operating results for that period. It involves many activities and have to following accounting guidelines,standards and statutory compliance. 
Is This Answer Correct ?    28 Yes 2 No
Umesh Agarwal
 
Answer
# 4
Balance sheet 
Is This Answer Correct ?    51 Yes 26 No
Priya
 
Answer
# 5
Finalisation is a wider concept inherent in it. But in
broader sence it seems to be preparation of Final accounts
which means balance sheets, P&L accounts, Schedule to
Accounts, Notes to Accounts etc.
 
Is This Answer Correct ?    26 Yes 4 No
Anshul
 
Answer
# 6
Accounts finalisation involves the closing of books of
accounts for the particular period under accrual systems of
accounting with booking all the expenses and incomes and
other provisions which related to the particular accounting
period has been booked correctly and arrive the financial
statements like trail balance, profits and loss account,
balance sheet, and notes to accounts etc
 
Is This Answer Correct ?    10 Yes 1 No
Skumar
 
Answer
# 7
Finalisation of accounts is the process of following points:

Recording all remaing entries
Payment and provision of taxes payables
Raising of reserves and provisions.
Clearing suspense account if any.
reconciliation of bank statements.
Preparation of trial balance
Preparation of Trad and P&l account.
Preparation of Balance sheet.
Keeping books of accounts ready for statutory audit.
 
Is This Answer Correct ?    5 Yes 0 No
Prashant Amrapuri
 
Answer
# 8
mening of finalisation account allincome transfer to
capital a/c.
 
Is This Answer Correct ?    8 Yes 37 No
Mathu
 

 
 
 
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