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FAQs on Financial accounting 2 - B Com
| 1. What is financial accounting? |  |
Ans. Financial accounting is a branch of accounting that involves recording, summarizing, and reporting financial transactions of a business or organization. It provides information about the financial position, performance, and cash flows of an entity, which is essential for external stakeholders such as investors, creditors, and regulators.
| 2. What is the difference between financial accounting and managerial accounting? | |
Ans. Financial accounting focuses on providing information to external users, such as investors and creditors, while managerial accounting provides information to internal users, such as managers and executives, for decision-making purposes. Financial accounting follows generally accepted accounting principles (GAAP), whereas managerial accounting is more flexible and tailored to meet the specific needs of a company.
| 3. What are the financial statements prepared in financial accounting? | |
Ans. The main financial statements prepared in financial accounting are the income statement, balance sheet, cash flow statement, and statement of changes in equity. The income statement shows the revenue, expenses, and profitability of a company over a specific period. The balance sheet presents the assets, liabilities, and shareholders' equity at a specific point in time. The cash flow statement reports the cash inflows and outflows during a specific period, while the statement of changes in equity reflects the changes in shareholders' equity over a period.
| 4. What is the importance of financial accounting? | |
Ans. Financial accounting is important for various reasons. It helps in assessing the financial health and performance of a company, making investment and credit decisions, complying with legal and regulatory requirements, and communicating financial information to stakeholders. It provides a standardized framework for recording and reporting financial transactions, ensuring transparency and comparability across different organizations.
| 5. What are the accounting principles followed in financial accounting? | |
Ans. Financial accounting follows several accounting principles, including the matching principle, revenue recognition principle, historical cost principle, consistency principle, and full disclosure principle. The matching principle ensures that expenses are recognized in the same period as the revenues they generate. The revenue recognition principle states that revenue should be recognized when it is earned and reasonably certain to be collected. The historical cost principle requires assets and liabilities to be recorded at their original cost. The consistency principle emphasizes the importance of using the same accounting methods and principles over time. The full disclosure principle requires all material information to be disclosed in the financial statements and accompanying footnotes.
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Document Description: Financial accounting 2 for B Com 2024 is part of B Com preparation. The notes and questions for Financial accounting 2 have been prepared according to the B Com exam syllabus. Information about Financial accounting 2 covers topics like and Financial accounting 2 Example, for B Com 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises and tests below for Financial accounting 2.
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