What is involved in the preparation of periodic financial reports and the final account?
The preparation of periodic financial reports and the final account entails compiling and organizing financial information to provide a comprehensive overview of a company's financial performance over a specific period of time. This process includes activities such as recording financial transactions, reconciling accounts, analyzing data, and generating financial statements like balance sheets, income statements, and cash flow statements. The final account is the culmination of this reporting process, representing a finalized summary of a company's financial position and performance.