Final Account
/ˈfaɪnəl əˈkaʊnt/
Definitions
- (n.) A detailed statement of the financial position and transactions at the conclusion of an estate, trust, or business matter.
The executor submitted the final account to the court for approval.
- (n.) The comprehensive summary of all transactions and balances prepared at the end of legal or financial proceedings.
The final account was audited before distributing the assets to the beneficiaries.
Forms
- final account
- final accounts
Related terms
See also
Commentary
In legal contexts, final accounts are critical for transparency and closure, especially in estate and trust administration; precision in listing all items and obtaining approval is essential.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.