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Give the Word / Term Or Phrase Which Can Substitute the Following Statement. the Accounts Which Are Prepared at the End of Each Financial Year. - Book Keeping and Accountancy

One Word Answer

Give the word / term or phrase which can substitute the following statement.  
The accounts which are prepared at the end of each financial year.

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Solution 1

Final Accounts

Explanation: Final accounts are the accounts which are prepared at the end of each financial year in order to present a true and fair view of the financial performance (i.e. profit/loss) and financial position (i.e. assets/liabilities) of the business.

Solution 2

Trading and Profit and Loss Account

Concept: Preparation of Final Accounts
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APPEARS IN

Micheal Vaz Accounts - Book Keeping and Accountancy HSC 12th Standard Maharashtra State Board
Chapter 2 Partnership Final Accounts
Exercise | Q 10 | Page 64
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