explain one main function of financial accounting
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Financial accounting serves the following purposes: producing general purpose financial statements. producing information used by the management of a business entity for decision making, planning and performance evaluation. producing financial statements for meeting regulatory requirements
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financial accounting is the process that is used to track the financial transactions of any company .
Explanation:
one of the function
Inflationary effects.
if the inflation rate is relatively high, the amounts associated with assets and liabilities in the balance sheet will appear inordinately low, since they are not being adjusted for inflation . this mostly applicable for long term assets
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