Financial Accounting Classes

• August 19, 2023
• 120 people
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The process of documenting, compiling, and reporting the numerous transactions occurring from corporate activities throughout time is known as financial accounting. It is a particular field of accounting. The creation of financial statements, such as the balance sheet, income statement, and cash flow statement, which document a company's operating performance over a given time period, summarizes these activities. The framework for financial recordkeeping is financial accounting, and it specifies the procedures, guidelines, and benchmarks to be used. Financial accountants are employed by nonprofit organizations, companies, and small enterprises to compile their books of account and produce their financial reports. Financial statements including the balance sheet, income statement, statement of cash flow, and statement of changes in shareholder equity are used in financial reporting. In contrast to management accounting, which is used for internal strategy planning, financial reporting is intended for reporting to external stakeholders. Either the accrual method (which records costs for things that haven't yet been paid) or the cash method (which solely records cash transactions) can be used for financial accounting.

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