Course Contents
Final Accounts
Final accounts are the last level of the economic system of an organisation. It both depicts the financial position of the company and productivity to the company, other interested parties. All the commercial transactions are first recorded in journals then sent in the ledger, and then they are balanced and final accounts.
Components of Final Accounts
- Trading accounts
- Balance sheet
- Profit and loss accounts/ Income statement
This is the first account of the final reports. At this step, total profit and loss are calculated. On the debit side, i.e. left-hand side stock, purchases and all the expenses are shown.
Gross Profit:
If the debit side is more significant than the credit side, the extra amount is called gross profit. It is moved to the credit side of profit & loss accounts.
Gross Loss:
Is the credit side is more extensive than the debit side; the additional credit amount is called a total loss. It is moved to the debit side of profit & loss account.
Profit and Loss Accounts/Income Statement
It’s the second step of final accounts. At this step, net profit & net loss is calculated by the business. It takes net profit & net loss from the trading accounts; such as salary and wages, transfer all the indirect expense accounts, advertising expense and utility expense etc. It mostly separated our earning and costs so that we can further proceed with the final reports with the smallest possible errors.
Balance Sheet
A balance sheet is the ultimate step of final accounts; construct to find out the economic position of the business at a specific period fiscal or annual. Balance sheets contain three building blocks of basic bookkeeping, i.e. assets, liability & owner’s equity/owner’s capital.
Training Courses For Final Accounts At FC Training
Training coursed for final reports is planned for those who want a positive career in the accountancy industry. With this training course, you will be capable of running final reports skillfully.
SAGE offers you one of the best platforms to learn to account like a pro. FC training will guide you and support you learn all the necessary things about final accounts. These courses & training can also be availed by people already in the business. Moreover, FC training provides you with the ability to select a short course on a final account so that your focus can be on one point only.
