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Concept Maps

Final Accounts of Companies — Concept Maps

ICSE · Class 12 · Accountancy

4 concept maps of Final Accounts of Companies for ICSE Class 12 Accountancy, each also written out as a text outline.

45 questions40 flashcards5 concepts

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4 Concept Maps

Mind map showing the components of final accounts and what each contains

Mind map showing the components of final accounts and what each contains

The map in words

  • Final Accounts
    • Balance Sheet
      • Assets
      • Liabilities
      • Equity
    • Statement of Profit and Loss
      • Revenue
      • Expenses
      • Profit/Loss
    • Cash Flow Statement
      • Operating Activities
      • Investing Activities
      • Financing Activities
    • Notes to Accounts
      • Detailed Disclosures
      • Explanatory Notes

Flowchart showing how accounting principles are applied from transaction to final accounts

Flowchart showing how accounting principles are applied from transaction to final accounts

The map in words

  • Transaction Occurs
    • B
      • Record Entry
        • Accrual Basis
          • True and Fair View
            • Final Accounts
    • C
  • Account

Timeline showing the financial year cycle and when final accounts are prepared

Timeline showing the financial year cycle and when final accounts are prepared

The map in words

  • April1 → TransactionRecording (Throughout Year)
  • TransactionRecording → March31
  • March31 → FinancialYearEnd
  • FinancialYearEnd → PrepareBalanceSheet
  • FinancialYearEnd → PrepareProfitLoss
  • PrepareBalanceSheet → FinalAccounts
  • PrepareProfitLoss → FinalAccounts

Final accounts of a company prepared under the Companies Act, 2013 using Schedule III format and classified disclosure

Final accounts of a company prepared under the Companies Act, 2013 using Schedule III format and classified disclosure

The map in words

  • Final accounts of a company prepared under the Companies Act, 2013 using Schedule III format and classified disclosure
    • Meaning of final accounts
    • Types of final accounts
    • Company books of accounts
    • Financial statements under Section 2(40)
    • Financial year under Section 2(41)
    • Legal provisions under Section 129
    • Schedule III
    • Balance Sheet structure

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Frequently Asked Questions

What are the important topics in Final Accounts of Companies for ICSE Class 12 Accountancy?
Key topics in Final Accounts of Companies include Meaning, Types, and Legal Provisions, Schedule III and Balance Sheet Format, Shareholders' Funds and Share Capital, Non-current Liabilities, Current Liabilities, and Classification Rules. Study these first, then practise questions on each for the ICSE Class 12 board exam.
What do the concept maps for Final Accounts of Companies show?
The 4 maps show how the ideas in Final Accounts of Companies connect: Mind map showing the components of final accounts and what each contains; Flowchart showing how accounting principles are applied from transaction to final accounts. Each map is also written out as an outline on this page.
How should I revise Final Accounts of Companies for the ICSE Class 12 board exam?
Learn the core ideas first, then work through the 45 practice questions on Final Accounts of Companies. Revise definitions regularly and use flashcards for quick recall before the exam.

Sources & Official References

Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.

More resources for Final Accounts of Companies

All ICSE Class 12 Accountancy Concept Maps

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