annual (adjective, an-nu-al, /ˈænjuəl/) accounts (plural noun, ac-counts, /əˈkaʊnts/)
Definition: is a financial report of a company’s year accounting. Generally covering a whole financial year, annual accounts serve to present a full, comprehensive, and detailed report of a business’s financial activity and to estimate how much corporation tax a company has to pay. Typically, a full annual accounts report includes a balance sheet, a director’s report, an auditor’s report, a loss and profit account (which includes company’s sales, profits made throughout the year, losses that the business has experienced, and the running costs), a director’s signature, and the accompanying notes concerning the financial accounts.
In a Sentence:
- Even if your business belongs to the group of small companies, you still have to present your annual accounts for the yearly tax return.
- We don’t have too much time to finish our annual report and to deal with the notes for the annual accounts.
- Don’t forget to provide a copy of the annual accounts to each of the shareholders.
Synonyms and related words: statutory accounts, financial year, annual report, financial statements, abbreviated accounts, constitutional accounts