Final Accounts FAQs What are final accounts? The accounts prepared at the final stage of the accounting cycle to illustrate the profit or loss and financial position of a business concern are known as the final accounts. Who prepares a final account? A final account can be prepared by either party involved in the transaction, but it is typically done by an accountant or other financial professional. What consists of the final accounts? Trading account, profit and loss account, balance sheet What are the objectives of preparing final accounts? To ascertain the results of transactions and to know the financial position of the business What is the basis of final accounts? The basis of final accounts is the trial balance. The trial balance includes all the balances of the ledger accounts, including the account balances of expenses, revenue, assets, liabilities, capital, and drawings. About the Author True Tamplin, BSc, CEPF® Facebook Linkedin Instagram Twitter Youtube True Tamplin is a published author, public speaker, CEO of UpDigital, and founder of Finance Strategists. True is a Certified Educator in Personal Finance (CEPF®), author of The Handy Financial Ratios Guide, a member of the Society for Advancing Business Editing and Writing, contributes to his financial education site, Finance Strategists, and has spoken to various financial communities such as the CFA Institute, as well as university students like his Alma mater, Biola University, where he received a bachelor of science in business and data analytics. To learn more about True, visit his personal website or view his author profiles on Amazon, Nasdaq and Forbes.