Question

Scope of financial accounting in points?

Answer 1

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Financial accounting is preparation of general purpose financial statements, which are financial statements meant for use by stakeholders external to the entity.

Financial Accounting has wide scope and area of application.


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Answer 2

Answer:

Financial accounting is a branch of accounting which records each financial information and analyse it to determine the financial position of a business. It is a process of recording, summarising, analysing and presentation of all financial transactions of a business in the form of financial statements.

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