Financial accounting is the process of recording, summarizing, and reporting financial transactions of an organization in accordance with established standards and principles. It involves preparing financial statements such as the balance sheet, income statement, and cash flow statement to provide a clear picture of the company's financial health to external stakeholders like investors, creditors, and regulators. Key tasks include recording day-to-day transactions, classifying them into categories (e.g., assets, liabilities, equity, revenue, expenses), and ensuring accuracy and compliance with accounting standards. Financial accounting plays a crucial role in decision-making, financial analysis, and ensuring transparency in business operations.
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Financial Accounting Exam
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Er. Karan Arora
Founder & CEO - Itronix Solutions.
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Muhammad Awais Gohar
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