defined financal accounting Related: Meaning & Scope of Accounting, F...
Financial accounting is a specific branch of accounting involving a process of recording, summarizing, and reporting the myriad of transactions resulting from business operations over a period of time. These transactions are summarized in the preparation of financial statements, including the balance sheet, income statement and cash flow statement, that record the company's operating performance over a specified period.
Work opportunities for a financial accountant can be found in both the public and private sectors. A financial accountant's duties may differ from those of a general accountant, who works for himself or herself rather than directly for a company or organization.
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defined financal accounting Related: Meaning & Scope of Accounting, F...
Financial accounting is a branch of accounting that focuses on the recording, summarizing, and reporting of financial transactions and information of a business or organization. It involves the preparation of financial statements, such as the balance sheet, income statement, and cash flow statement, which provide an overview of the financial performance and position of the entity. Financial accounting is governed by generally accepted accounting principles (GAAP) and is primarily used by external stakeholders, such as investors, creditors, and regulatory bodies, to make informed decisions about the entity.
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