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WordNet-Online
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Definitions from the WebFinal AccountDefinition:A final account refers to a comprehensive summary of financial activities, typically prepared at the end of an accounting period or the conclusion of a business entity. Senses:Sense 1: AccountingIn accounting, a final account represents the culmination of various financial statements, including the balance sheet, income statement, and cash flow statement, which are compiled to provide a clear overview of a business's financial position and performance. Example Sentence: During the annual audit, the accountants meticulously reviewed the final account to ensure accuracy and compliance with regulatory standards. Sense 2: LegalIn legal terms, a final account refers to the complete financial documentation submitted to the court or stakeholders after the settlement of a deceased person's estate or a partnership dissolution. Example Sentence: After the probate process was completed, the executor filed the final account displaying all assets and liabilities of the deceased. Sense 3: ConstructionIn the construction industry, a final account indicates the conclusive settlement of all financial matters between a contractor and client upon the completion of a project, encompassing the total costs, variations, and any outstanding payments. Example Sentence: The final account for the building project highlighted some discrepancies in the materials cost, requiring negotiation before final payment could be made. Related Products: | ||||
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