What does financial accounting mean?

Definitions for financial accounting
fi·nan·cial ac·count·ing

Here are all the possible meanings and translations of the word financial accounting.

Wikipedia

  1. Financial accounting

    Financial accounting (or financial accountancy) is the field of accounting concerned with the summary, analysis and reporting of financial transactions pertaining to a business. This involves the preparation of financial statements available for public consumption. Stockholders, suppliers, banks, employees, government agencies, business owners, and other stakeholders are examples of people interested in receiving such information for decision making purposes. Financial accountancy is governed by both local and international accounting standards. Generally Accepted Accounting Principles (GAAP) is the standard framework of guidelines for financial accounting used in any given jurisdiction. It includes the standards, conventions and rules that accountants follow in recording and summarizing and in the preparation of financial statements. On the other hand, International Financial Reporting Standards (IFRS) is a set of passionable accounting standards stating how particular types of transactions and other events should be reported in financial statements. IFRS are issued by the International Accounting Standards Board (IASB). With IFRS becoming more widespread on the international scene, consistency in financial reporting has become more prevalent between global organizations. While financial accounting is 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.

Editors Contribution

  1. financial accounting

    Is the approved and legal accounting processes and procedures for the summary, analysis and reporting of financial income, expenditure and financial transactions relating to an organization, social enterprises and all forms of unity assembly, unity council, unity legislature, unity senate, unity house of representatives, unity parliament, unity government, devolved regional unity government, national unity government, european unity government and international unity government

    Financial accounting is vital within society for organizational reporting of financial information

    Submitted by MaryC on February 8, 2021  

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Numerology

  1. Chaldean Numerology

    The numerical value of financial accounting in Chaldean Numerology is: 3

  2. Pythagorean Numerology

    The numerical value of financial accounting in Pythagorean Numerology is: 5

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  1. financial accounting


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