Interested to Buy Any Domain ? << Click Here >> for more details...
what is finalisation of accounts.
- 5 Answers
- 13232 Views
- Bank Of America, BoA, I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / sada2siva2007@yahoo.co.in
Every company has to finalise accountants every year to
weather it got profit or loss...........
keeping the records from entry level to preparing final
statements is called finaliseing of accountant
| Is This Answer Correct ? | 36 Yes | 5 No |
Answer / kaushik
As according to concepts of Accountancy of "On Going"
concept every company has to perpare its accounts regularly
according to there beneficary that is weekly, quartly, or
yearly but they have to perpare there accounts and these
accounts are need to be verified by an auditor where by a
government or a public accountant and the basic aim of
perparing these accounts is to know the financial status of
the company.
| Is This Answer Correct ? | 8 Yes | 1 No |
Answer / suresh kumar varshas
In accounting paralance, finalisation of accounts means
closing the books of entry for the financial year.
This is done as follows:
Prepare as TRIAL BALANCE based on the Ledger accounts.
With the help of T/B, prepare the Final Accounts, namely:
Trading & Profit and Loss Account
Balance Sheet.
Post all the direct expenses and income in TradinG Account.
TOTAL DIRECT INCOME - TOTAL DIRECT EXPENSES = GROSS PROFIT.
Carry forward the Gross Profit to P& L A/c
| Is This Answer Correct ? | 6 Yes | 1 No |
Finalisation of accounts include journal entries,ledgers,
trial balance,p&la/c & balance sheet.p&l a/c & balance sheet
plays a very imp role
p&l a/c - which describes financial performance
Balance sheet - which describes financial position of company.
EVERY COMPANY HAS TO FINALISE THE ACCOUNTS EVERY YEAR
AND VERIFIED BY THE AUDITORS FOR THE EXPANSION OF THEIR
BUSINESS
| Is This Answer Correct ? | 4 Yes | 0 No |
Answer / sunil kumar nath
WHEN OUR ACCOUNTS NOT COMPLETE i.e. IT IS RUNNING, IT IS
SAID TO BE NOT FINALISED , SO AT HE END OF CERTAIN PERIOD
WHEN WE EXTRACT P&L A/C, B/S AND OTHER CLOSING REPORTS,IT
IS CALLED AS FINALISATION OF ACCOUNTS FOR THAT PERIOD.
| Is This Answer Correct ? | 7 Yes | 8 No |
what is the difference between f.f.s and c.f.s?
I have a existing Oracle applicttions and need to bring one of the new business on it. The new business will use GL, AP and FA. We will use existing COA. This business will have 3 sets of books (1- tax book, from April to March; 2- Primary book, from July to June; 3- Reporting book, from July to June); All books will have same currency; HOW DO I TRANSFER DATA FROM PRIMARY BOOK INTO TAX AND REPORTING BOOKS EVERY MONTH OR ON WEEKLY? IS THERE ANY STANDARD ORACLE PROCESS WHICH CAN BE SCHEDULED? THE REPORTING BOOK WILL HAVE DIFFERENT DEPRECIATION METHOD SO HOW DO I NOT TRANSFER DEPRECIATION FROM PRIMARY TO REPORTING BOOK AND DO SEPERATE DEPRECIATION IN REPORTING BOOK FOR THE SAME ASSET THAT IS ALSO IN PRIMARY AND TAX BOOK?. HOW DO I APPROACH ON SETTING THESE NEW SETS OF BOOKS? Thanks, KK
EXPAND_________SHRC
state and explain THREE types of situation to which accounting concept might be applicable
why did you want to join banking sectors?
WHAT IS TITLE OF VAT RETURN?
can any one tell me the Types of accounts in practise
whatisthe internal audit? and exteranal audit?
Expand A C
I KNOW THAT INSURANCE CHARGES ON PURCHASE OF VEHILE (LIGHT/HEAVY VEHICLES)HAS BEEN CAPITALISED OR NOT.?
If you are making a transaction of Cash Purchase on 30th March and your accounting period ends on 31st March. Does it affect the Current Asset of the Company?
What is the Entry for Call in arrears?
Audit 
