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