Financial Accounting Definition
Financial Accounting Definition means it is a process of recording, summarizing and reporting the many of transactions from a business, so as to provide an accurate picture of its financial position and performance. The primary objective of financial accounting is the preparation of financial statements – including the balance sheet, income statement and cash flow statement.
Financial accounts provide information to inside users i.e, management of accounting entity and to outside users like shareholders, investors, bankers, government departments, trade unions and general public. The information provided by financial accounting is presed in the form of profit and loss account/income statement
Financial Accounting Definition: Financial accounting is the phase of accounting concerned with providing information to stockholders, creditors, and others outside the organization. Relevant Terms: Cost Accounting Managerial/Management Accounting Recommended Books ! Or Download E accounting book in MS-word format for just 20 $ -