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Question
Give the word / term or phrase which can substitute the following statement.
The accounts which are prepared at the end of each financial year.
One Word/Term Answer
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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.
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Solution 2
Trading and Profit and Loss Account
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