Introduction
Final accounts are prepared at the end of the financial year to determine the financial position of a company. The results and positions disclosed by final accounts are not exact.

True or False
The statement is true. The final accounts are prepared based on estimates and assumptions, and therefore, the results and positions disclosed are not exact.

Estimates and Assumptions
The final accounts are prepared based on estimates and assumptions. The estimates are made based on historical data, trends, and future expectations. Assumptions are made when there is no clear information available, and it is essential to make an assumption to prepare the final accounts.

Changes in Values
The values of assets and liabilities change over time. The final accounts are prepared based on the values of assets and liabilities at a particular point in time. However, the values may change after the preparation of the final accounts due to various reasons, such as market conditions, depreciation, and inflation.

Disclosure
The final accounts disclose the financial position of a company at a particular point in time. However, it is essential to disclose the estimates and assumptions made while preparing the final accounts. The disclosure helps the users of financial statements to understand the limitations of the final accounts.

Conclusion
In conclusion, the results and positions disclosed by final accounts are not exact. The final accounts are prepared based on estimates and assumptions, and the values of assets and liabilities change over time. Therefore, it is essential to disclose the estimates and assumptions made while preparing the final accounts.