Definition
Financial accounting involves the process of preparing financial statements for external stakeholders, such as investors, creditors, and regulatory agencies. It includes tracking and reporting a company's financial performance and position.
Related Services
Accounting, auditing, and financial reporting services are integral to financial accounting to ensure compliance and accuracy in reporting.
Problem and Application
Financial accounting is essential for transparency and trust with external stakeholders, but businesses must comply with various regulations and standards, such as GAAP or IFRS.
Conclusion
Financial accounting provides key insights into a company�s financial health, supporting informed decision-making and regulatory compliance.
