0
Financial accounting is the art of preparing and presenting financial information about a firm to users outside the firm. This information is usually presented in the form of financial statements (Balance Sheet, Income Statement, Statement of Cash Flows, etc). This information helps various stakeholders such as current and potential shareholders, current and potential creditors, and professional analysts make various decisions about what direction the firm is heading in and what their decisions relative to the firm should be. I always raise the caution that historical financial information should NOT be the only factor used in making investment decisions (just because a firm was profitable for the last three years does not mean it will stay profitable). However, accounting information, in conjunction with various market and industry analyses, is a useful tool when making these decisions.
What else can I help you with?
What is Financial accounting data?
what is financial accounting?
Is Management accounting starts where financial accounting ends?
Management accounting starts where financial accounting ends
Compare and contrast between cost accounting and financial accounting?
compare and contrast cost accounting and financial accounting
Differentiate cost accounting system from financial accounting system?
Q.5 Differentiate Financial Accounting and Management accounting
How does cost accounting relates to management accounting and financial accounting?
cost accounting provides the basic information for both management and financial accounting.The similarities between government accounting and financial accounting is that both involves the balance of accounts.
What is Financial accounting data?
what is financial accounting?
Is Management accounting starts where financial accounting ends?
Management accounting starts where financial accounting ends
The output of financial accounting is?
The output of the financial accounting is preparation of financial statements.
Define 'Accounting' Distinguish between Financial Accounting and Management Accounting?
Define 'Accounting' Distinguish between Financial Accounting and Management Accounting
Compare and contrast between cost accounting and financial accounting?
compare and contrast cost accounting and financial accounting
Differentiate cost accounting system from financial accounting system?
Q.5 Differentiate Financial Accounting and Management accounting
What has the author Fred Phillips written?
Fred Phillips has written: 'Fundamentals of financial accounting' -- subject(s): Accounting 'Fundamentals of financial accounting' -- subject(s): Accounting 'Fundamentals of financial accounting' -- subject(s): Accounting
How does cost accounting relates to management accounting and financial accounting?
cost accounting provides the basic information for both management and financial accounting.The similarities between government accounting and financial accounting is that both involves the balance of accounts.
What has the author Gary A Porter written?
Gary A. Porter has written: 'Using financial accounting information' -- subject(s): Accounting 'Using financial accounting information' -- subject(s): Accounting 'Financial accounting' -- subject(s): Accounting
Is the financial accounting standards advisory board the same as the federal accounting standards board?
The Financial Accounting Standards Board (FASB) is a private organization (within the Financial Accounting Foundation) that issues financial accounting and reporting standards for nongovernmental entities.
Why financial accounting defer with other disciplines?
Financial Accounting just deals with the recording, analysing and classification of financial statements. Whereby other disciplines related to Financial accounting deal with the information "recieved" from Financial Accounting. For example : Management Accounting deals with making decisions for the company's growth and stability, on the contrary Financial accounting provides the data to management accounting for its decision making process.
What is financial accounting and what are the terms used in financial accounting?
Financial accounting is a recording, summaring, classifying, communication, anlaysing of business transactions in oder to ascertain the financial position at a given time. and the trms use in financial accounting are: The dual concept in accounting, that is Debit the receiver's account and credit the Giver's account
