Financial Accounting is the process of summarizing financial data taken from an organization's accounting records and publishing it in the form of annual reports for the benefit of people outside the organization.
It is concerned with the preparation of financial statements for decision makers, such as stockholders, suppliers, banks, employees, government agencies, owners, and other stakeholders. It is used to prepare accounting information for people outside the organization or not involved in the day to day running of the company. Management accounting provides accounting information to help managers make decisions for managing the business.
Financial accounting serves following purposes:
• producing general purpose financial statements
• provision of information used by management of a business entity for decision making, planning and performance evaluation
• for meeting regulatory requirements
Various financial tools that are used for the purpose of financial accounting include:
• Tax calculators
• Auto calculators
• Mortgage Calculators
• Investment Calculators
• Savings calculators
• Loan calculators
• Personal Finance
• Insurance Calculators
• Retirement Calculators
• Business Calculators
• Debit & Credit cards
check out financial accounting services
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