Question

what is financial accounting? explain its scope,nature,and limitation
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Answer 1

Answer:

Financial accounting is the field of accounting concerned with the summary, analysis and reporting of financial transactions related to a business. This involves the preparation of financial statements available for public use.

NATURE AND SCOPE OF FINANCIAL ACCOUNTING: ... Anything which cannot be expressed in monetary terms does notform part of financial accounting however significant it is. Recording of information: Accounting is an art of recording financial transactions of a business concern. Thereis a limitation for human memory.

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