Use BookMyEssay:Preparation of Final Accounts Assignment Help

Many students are assigned the task of preparing final accounts for any virtual business as a part of their university project. Due to lack of practical knowledge and experience in the field they face several difficulties in successfully executing such projects.

In simple terms, a final account is prepared to provide a true and fair view of the financial position of an enterprise to the management, the stakeholders, and other interested parties to such business.

The entire process of final account preparation involves making a set of statements and accounts at the end of the financial year. The entries for such accounting follow the golden rule of accounting which is better known by assignment providers. So, for doing an accounting assignment on the topic would require assistance and Preparation of Final Accounts assignment help from the Ph.D. qualified academic experts of BookMyEssay who has in-depth knowledge in the subject matter and will be able to provide a clear view of preparing the same.

Objectives of Preparing Final Accounts

A final account is prepared keeping in mind the various objectives it can help to achieve. Some of the objectives associated with the preparation of final accounts are as follows –

• For determining the profit or loss incurred by a business enterprise during a specific financial year.
• For determining the receipts and payments for a non-profit making organisation during the financial year.
• For getting a clear view of the financial position of a business enterprise.
• For providing necessary and relevant information to the interested parties to the entity, such as promoters, investors, stakeholders, creditors, etc.

It often becomes difficult for any student studying the topic for the first time to understand the underlying objectives of preparing a final account. But the right academic writing guidance can help him understand the topic and bring more transparency on the same. Therefore, it will be a prudent decision to avail online Preparation of Final Accounts assignment help from academic writers professionals of BookMyEssay.

Steps for Preparation of Final Accounts

The steps and the manner of preparation of final accounts vary for trading concerns and those of manufacturing concerns.

A trading concern is required to prepare the following accounts for providing information about its business transactions –

• Trading account
• Profit and Loss account
• Balance Sheet

On the other hand, a manufacturing and trading concern is required to prepare the following accounts –

• Manufacturing account
• Trading account
• Profit and Loss account
• Balance Sheet

Each of these accounts is prepared for making entries for different transactions and showing the different stages for account preparation. Information generated by one account is carried forward to the other for creating a connecting link among the entries made.

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