What Is Financial Accounting?



By books:
1. Modern Financial Accounting by G.A. Lee

  • Provision of information for planning and decision - making to management by analysis of data about past transaction and events and projection of future economic events on the basis of them.


2. Accounting and Finance by Michael Jones

  • Evaluate the potential viability of future investment appraisal. The main capital investment appraisal techniques are payback period, accounting rate of return, net present value, profitability index and internal rate of return.


By websites:

1. https://www.investopedia.com/terms/f/financialaccounting.asp

  • Financial accounting is the process of recording, summarizing and reporting the myriad of transaction resulting from business operations over a period of time.
  • These transactions are summarized in the preparation of financial statements including the balance sheet, income statement and cash flow statement that record the company’s operating performance over a specified period.

  • Financial Accounting is the field of accounting concerned with the summary, analysis and reporting of financial transactions pertaining to a business. This involves the preparations of financial statement available for public consumption. Stockholder, suppliers, banks, employees, government agencies, business owner and other stockholder are examples of people interested in receiving such information for decision making purposes.
  • Used to prepare accounting information for people outside the organization or not involved in the day-to-day running of the company, managerial accounting provides accounting information to help managers make decisions to manage the business.


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