Financial Accounting Classes

• January 25, 2024
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Financial accounting is the process of producing financial statements that companies use to show external stakeholders, including suppliers, customers, creditors, and investors, their financial performance and state. One of the most important distinctions between other forms of accounting and managerial accounting is this. The latter involves producing comprehensive reports and forecasts for company executives. Categorization, recording, summarization, interpretation, and reporting of business transactions are the main objectives of financial accounting. All of the company's transactions, including sales, purchases, income, expenses, and other spending categories, are detailed in the books of accounts. The primary objective of this accounting stream is to accurately portray an organization's overall performance. Furthermore, other parties need to know this information. For example, accounting records are necessary to creditors.

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