Question

What is the main purpose of financial accounting

Answer 1

Answer:

The main purpose of financial accounting is to create reports on the progress of an organization which may attract foreign investors creditors. It is also used to provide information for the making of decisions in a company. It is also helpful in knowing the summary of your income and spending in other words, your cash flow.

Answer 2

Purpose of FInancial Accounting:

• The financial transactions of a business can be maintained with the help of financial accounting.
• The financial accounting process using some important guidelines to record all the transactions summarizes and presents as report statements.
• The main purpose of financial accounting is to help investors and others in the business to make the right decisions.
• Financial accounting helps in the analyses of the financial performance of a firm and produce a report so that it can be presented to various stakeholders, external parties, investors, etc.
• Its main purpose is presenting financial related information about the business to the external persons who are the external creditors and investors in a firm.

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