Question

Explain the term Financial Accounting. Explain the objectives and users of Financial Accounting.

Answer 1

financial accounting deals with the study of accounting and its concept and Measurement that underly financial statements and developing skills to analyse financial statements effectively and again and understanding of choices Enterprises make in reporting the research of the business activities the most basic of finance accounting is preparations of general purpose financial statement which are the financial statements

Answer 2

Answer:

Financial Accounting

Definition :-

According to R. N. Anthony, " Financial Accounting system is a means of collecting, summarising, analysing and reporting in monetary terms information about the business."

Explanation of financial accounting :-

Financial accounting is the process of systematic recording of business transaction in the various books of accounts maintained by the organisation with the ultimate intention of preparing the financial statements there from.

Objectives Of Financial Accounting

Objectives Of Financial Accounting Are :-

• to provide necessary data to government for taking proper decisions relating to duties, taxes and price control etc.

• to evaluate the earning capacity of the firm by supplying a statement of financial position, a statement of periodical earning together with a statement of financial activities to the various interested persons.

• to provide necessary information about the efficiency or otherwise the management regarding the proper utilisation of the scares resource.

• to provide necessary information available to the interested parties.

• to attain good results from the return financial dealings.

Users Of Financial Accounting

Users of financial accounting are :-

• An Individual.

• Firms.

• Corporations.

• Companies.

• Institutions.

• Corporate Societies.

• Clubs.

• Organisations.

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