What is Financial accounting?

What is Financial accounting?

linkremoval Trainee Asked on October 31, 2014 in Accounting.
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3 Answer(s)

Financial accounting is the field of accounting concerned with the summary, analysis and reporting of financial transactions pertaining to a business. This involves the preparation of financial statements available for public consumption.

Nielgrey Trainee Answered on October 31, 2014.
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The purpose of accounting is to provide the information that is needed for sound economic decision making. The main purpose of financial accounting is to prepare financial reports that provide information about a firm’s performance to external parties such as investors, creditors, and tax authorities.

pooja Trainee Answered on November 1, 2014.
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Financial accounting is a specialized branch of accounting that keeps track of a company’s financial transactions. Using standardized guidelines, the transactions are recorded, summarized, and presented in a financial report or financial statement such as an income statement or a balance sheet.

Henry Brown Trainee Answered on November 1, 2014.
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