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Final accounts

This term normally refers to annual accounts, i.e. the presentation of the results of the financial year of an organization and the state of affairs at the year end to the members of that organization.

There are other meanings relating to particular circumstances. At the end of a liquidation the liquidator presents his final accounts to the person or persons for whom he acts – which, in a compulsory liquidation, could be the court dealing with the liquidation or the Department of Trade and Industry. It could also merely refer to the final settlement between the parties to a transaction or series of transactions.

Reference: The Penguin Business Dictionary, 3rd edt.