Question

What is meant by financial accounting?​

Answer 1

Answer:

Financial accounting

Financial accounting is a specific branch of accounting involving a process of recording, summarizing, and reporting the myriad of transactions resulting from business operations over a period of time.

(✷‿✷) Extra information (✷‿✷)

What is the main function of financial accounting?

Answer:-

Financial accounting serves the following purposes: producing general purpose financial statements. producing information used by the management of a business entity for decision making, planning and performance evaluation. producing financial statements for meeting regulatory requirements.

What are the types of financial accounting?

The two types -- or methods -- of financial accounting are cash and accrual. Although they're distinct, both methods rely on the same conceptual framework of double-entry accounting to record, analyze and report transactional data at the end of a given period -- such as a month, quarter or fiscal year.

Answer 2

Answer:

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What is meant by financial accounting?

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Financial accounting is a specific branch of accounting involving a process of recording , summarising and reporting the myriad transactions resulting from business operations over a period of time...

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