Aqid ERPMeaning
Final accounts (الحسابات الختامية) are what the books become at the end of a financial year: an income statement showing the profit or loss earned, a balance sheet showing what the business owns and owes on the last day, and usually a cash flow statement, a statement of changes in equity and notes. They are prepared from the trial balance once the year's adjusting entries are posted, and the income and expense accounts are then closed into retained earnings so the new year starts from zero.
In Saudi Arabia they are what the zakat and income tax return is built on, what the bank asks for before lending, and, for companies, what is filed with the Ministry of Commerce, audited where the Companies Law or the size of the business requires it. Accounting software keeps them ready at any date; the year-end work is checking the adjustments, not retyping figures.
Also called: year-end accounts · annual accounts · financial statements · الحسابات الختامية
Example
Al Noor Trading closes 31 December 2026 with revenue of 2,400,000.00. Once depreciation, accrued salaries and the end-of-service provision are posted, its expenses come to 2,050,000.00 and the income statement shows a net profit of 350,000.00; the balance sheet shows total assets of 1,900,000.00 equal to liabilities of 700,000.00 plus equity of 1,200,000.00.