Nature of financial accounting?
Answers
Explanation:
Financial accounting is a useful tool to management and to external users such as shareholders, potential owners, creditors, customers, employees and government. It provides information regarding the results of its operations and the financial status of the business.
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Answer:
Nature Of Financial Accounting
Accounting is regarded as a both an art and a science of summarising and interpreting the Accounting records.
In brief :-
Accounting is an art :-
Accounting is an art because it is used in practical way. Art is an application of knowledge, which helps in achieving desired goals in the best possible manner. Both Art and Accounting is concerned with real situations and day to day affairs of the business.
Accounting is a science :-
Accounting is called a science because because Accounting has it's own concepts, principles, discipline and assumptions. Accounting has some universal application. It is develop systematically. All these factors make Accounting a science.
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