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What is financial accounting and what are its advantages?

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تم إضافة السؤال من قبل Ghada Sameer , Project Manager and media executive , CQA
تاريخ النشر: 2015/06/22
Majeed Akbar
من قبل Majeed Akbar , Internal Auditor , Galadari Brothers Co LLC

  1. Financial Accounting is  a systematic tracking  of company's financial transactions.The transactions are recorded, summarized, and presented in Financial Statement of Accounts which is which is a technical publication which provides a true and fair view  of the financial position and income and expenditure for the year. This is a formal documant which sets out a high level view of how the money has been designed to meet specific Company and accounting requirements. It is prepared with the auditors and hence it is a technical document. Companies rely on the financial reports prepared by their accountants to be true and accurate to make sound business decisions. Inaccurate financial reporting caused by unethical or deceptive  practices of  the company's accountants can lead to loss of revenue through an exposed accounting scandal, or worse, corporate collapse.

Ibrahim Mustafa Elsewedy
من قبل Ibrahim Mustafa Elsewedy , Finance Manager , King's College Riyadh For Education

It's a science of recording financial information's to control in the institutions capital to appear the financial statement profits or losses and financial performance income statement.   

Financial accountingis a specialized branch of accounting that keeps track of a company's financial transactions. Using standardized guidelines, the transactions are recorded, summarized, and presented in a financial report or financial statement such as an income statement or a balance sheet. Companies issue financial statements on a routine schedule. The statements are consideredexternalbecause they are given to people outside of the company, with the primary recipients being owners/stockholders, as well as certain lenders. If a corporation's stock is publicly traded, however, its financial statements (and other financial reportings) tend to be widely circulated, and information will likely reach secondary recipients such as competitors, customers, employees, labor organizations, and investment analysts.

ijlal khurshid
من قبل ijlal khurshid , Asst. Manager Finance , SHAHSONS PVT LTD.

we can analyze the perform , position, & cash flow of  a company by financial Accounting

سيد فتحي عبد النعيم حسن فتحي عبد النعيم حسن
من قبل سيد فتحي عبد النعيم حسن فتحي عبد النعيم حسن , مديرعام الشئون المالية والادارية , الهيئة العامة للطرق والكباري

Financial accountingis a specialized branch of accounting that keeps track of a company's financial transactions. Using standardized guidelines, the transactions are recorded, summarized, and presented in a financial report or financial statement such as an income statement or a balance sheet. Companies issue financial statements on a routine schedule. The statements are consideredexternalbecause they are given to people outside of the company, with the primary recipients being owners/stockholders, as well as certain lenders.

Mohammed Abdul Hafeez
من قبل Mohammed Abdul Hafeez , Finance Manager , Manufacturing

Financial Accounting is a reflection of an entity's financial position at a given point of time, for a given period. Now under IFRS one can also see previous years performances viz-a-viz current balances. Advantages Phoo - without which the investors, Management, Statutory authorities, i.e. The stakeholders would not know the strength or weakness of that entity.  

Sohail Bashir
من قبل Sohail Bashir , Sr. Finance Manager , Army Welfare Trust

Financial accounting is system which is used to recording, summarizing and analyses of financial transaction, which incurred during a accounting period these consist of financial reports (Balance Sheet, Profit and Loss Account, Cash Flow Statements and Retained Earnings Statement. These report bring analyses for any individuals over that accounting period. Financial accounting basically a tool which keep the business transaction. 

Karim Ziatni
من قبل Karim Ziatni , Risk Analyst , BPCE

Financial accounting is an effective mean to record all transactions, assets and liabilities of a company. These informations ensure an effective communication to :

 

- the shareholder

- fiscal administration

- employees 

IBRAHIM MOHAMMED - CMA
من قبل IBRAHIM MOHAMMED - CMA , Senior Accountant , Ajal Finance & Investment K.S.C.C

Financial accounting is a basic practice that most small and large businesses participate. Financial accounting information is an element of transparency and business ethics, requiring honest and accurate information for investors, competitors and market analysts to review.

ADVANTAGES

 Financial planners and accountants may use financial statements to make decisions regarding future planning, expansions and product launches. future planning and decision making is that they show the company’s budgets.Knowing how much money is available for planning and decision making ensures that the company does not spend more than expected.

 

 

SATPAL SINGH
من قبل SATPAL SINGH , Key Partner , Firm of Chartered Accountants

Financial accounting is the recording and  reporting of the financial transactions based on certain standard policies,  parameters , depicting  position and performance of an organization  through financial statements issued to internal as well as external users for their understanding and making decisions.

Advantages of  financial accounting :

1. Presentation of True and fair view of the financial position.

2. Helps in making sound business decisions, preparation of Budgets and logical business forecasting and future expansion of business.

3. Prevention and detection of Fraud, embezzlement.

4. Helps in  setting benchmarks, standards, policies, rules and regulations related to financial discipline.

5. helps in calculating and analyzing business and financial ratios.

Financial Accounting is nothing but a systematic way of recording transactions eventually helping to know the exact position of a company... some of the advantages are transparency of the financial position, cash flow, credit controls etc,,,, 

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