3.4 Final accounts

• Analyse the purpose of accounts for different stakeholders

• Accounts inform owners, managers, employees, lenders, investors, suppliers, government, and competitors

• Prepare and interpret profit and loss accounts and balance sheets

• Final accounts summarize financial performance and financial position

• Analyse different types of intangible assets

• Intangible assets include brand value, goodwill, patents, trademarks, copyrights, and intellectual property

• Apply straight line method and units of production method

• Depreciation allocates non-current asset cost across useful life

• Evaluate appropriateness of each depreciation method

• Suitability depends on asset use pattern, simplicity, accuracy, profit impact, and stakeholder interpretation