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what is the Finalization?
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Answer / h.r. sreepada bhagi
Finalization of Accounts is the process of preparing the
Profit and Loss Account for an Accounting / Financial period
(Month, Quarter, Half yearly, Annual,etc.) and Balance Sheet
as on the last day of that Accounting / Financial period
with relevant notes and schedules.
In other words it's process of summarising the business
transactions during a financial period to know the quantum
of profit made or loss incurred during that period and the
position of assets and liabilities at the end of that period.
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Answer / felsy
finalization is the process of preparing profit&loss a/c,
which help to know whether the company has made profit or
loss for the financial period, and to prepare the
balacesheet to know the financial possition of the business
on the end of the finacial period
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