What is Financial Accounting? A particular branch of accounting that entails the process of recording, summarizing, and reporting the diverse transactions resulting from business operations over a period of time is referred to as financial accounting. These transactions are summarized in the preparation of the financial statements which include the balance sheet, income statement, and cash flow statement that record the company's operating period over a specified period of time. Opportunities for building a successful career as an accountant can be found in both the public and private sectors. The nature of the job of a financial accountant might vary from that of a general accountant who works for herself rather than for an organisation or company. How does financial accounting Work? Financial accounting employs a set of established accounting principles. The selection of accounting principles to use during the course of financial accounting depends on the regulatory and reporti...
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