Question

the financial accounts provide a summary of which one​

Answer 1

Financial Accounting record all the transactions of business in the form of journal in various set of books of account. After recording all these transaction are posted in a book, called ledger by opening separate account for each.

Ledger records the detailed transactions for each of the account. Listing of all account balances is done in a statement which is called trial balance. This trial balance is further utilised for preparation of the trading, profit and loss account and balance sheet. A set of these accounts and balance sheet are together called financial statements or accounts.

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Answer 2

Explanation:

Financial statements display the income and expenditure for the company and a summary of the assets, liabilities, and shareholders' or owners' equity of the company on the date to which the accounts were prepared. Assets and expenses have normal debit balances, i.e., debiting these types of accounts increases them.