Question

what is the main function of financial accounting

Answer 1

The main purpose of financial accounting  is to prepare financial reports that provide information about a firm's performance to external parties such as investors, creditors, and tax authorities.

Answer 2

Answer:

To know the profit and loss and financial positions of business

Explanation:

Financial accounting is the process of identifying, measuring, recording, classifying, summarising, analysing, interpreting and communicating the financial transactions and events.

The purpose of financial accounting is to keep systematic records to ascertain financial performance and financial position and to communicate the accounting information to the interested parties.

The main functions of financial accounting is to ascertain the profit and loss of business and to know the financial positions of business.

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