This article explains basic accounting structures that exist in a business. The record to keep track in financial statements items is an account.
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While stakeholders in a business organization have a use for the published Final Accounts, different stakeholder groups have unequal access to information.
Balance Sheet is a statement of the estimated value of the company. The information can be used in a number of ways.
Final Accounts are records of all financial transactions of the business. At the end of each accounting period accountants draw up the Final Accounts.