Finalization of Accounts
What does the term Finalization of Accounts mean?
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The Accounts Finalization means preparation of accounts with precise figures and arriving at the precise gain or loss acquired. Generally an account is made by an accountant and finalized by the senior accountant or Auditor or Chartered Accountant.
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The following information is taken from the financial statements of an entity: 20x4 20x3 Property, plant and equipment $4,600,000 $4,200,000 Accumulated depreciation (1,800,000) (1,350,000) Depreciation expense 560,000 Gain on disposal of PPE 65,000 The asset disposed of had a cost
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