What is financial accounting with example?
Financial Accounting is the process of recording, summarizing and reporting transactions and revenue-expense generations in a time period. For example, investors or sponsors need to verify an account statement before showing interest in associating with the business.
What is accounting in simple words?
Accounting, which is often just called "accounting," is the process of measuring, processing, and sharing financial and other information about businesses and corporations.
What is the full meaning of financial accounting?
Financial accounting is the field of accounting concerned with the summary, analysis and reporting of financial transactions related to a business. This involves the preparation of financial statements available for public use.
What is financial accounting and its types?
The two types -- or methods -- of financial accounting are cash and accrual. Although they're distinct, both methods rely on the same conceptual framework of double-entry accounting to record, analyze and report transactional data at the end of a given period -- such as a month, quarter or fiscal year.
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