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What is Final Accounts Adjustments Explained about?

This document discusses various types of adjustments that need to be made when preparing final accounts, including: 1) Closing stock is credited to trading account and shown as an asset on the balance sheet. 2) Outstanding expenses that are due but not paid are added to expenses and shown as a liability. 3) Prepaid expenses that are paid but not due are deducted from expenses and shown as an asset. 4) Accrued income that is due but not received is added to income and shown as an asset.

Author

joysjosephnitc

Language

EN