Financial Accounting involves the preparation of various financial statements which include Income Statement or Profit and Loss Account, Balance Sheets, Statement of Retained Earnings and Statement of Cash flows. To aid in the preparations of the above financial statements, every transaction has to be recorded in Journal books, ledger accounts otherwise called as the T-Accounts and the final balance in the Trial Balance. The most common method of accounting the transactions is the double-entry system of recording. The above financial statements give a picture about an organization’s financial and overall performance which is useful not only to the Company but also its’ outsiders like creditors, investors etc. This financial accounting is significant as it is required for submitting annual reports to the tax authorities and to the public as a rule.
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Some of the topics covered under Financial Accounting are:
Of course, our scope of coverage is not limited to the above sets of topics. You may contact Finance Assignment Help at www.theglobaltutors.com for any kind of financial accounting query.