What is Financial Accounting?

Written By The Accounting Student

  • What is Financial Accounting?

    Financial accounting is the gathering of past financial information of a business and this is then summarised into the financial statements. These financial statements are normally released to the public and because of this there are standards that must be met. The accounting bodies and regulators issue the standards but this will depend on where the business is located and operates. The purpose of the standards is to encourage the financial statements of a business to be objective. Therefore the statements should give a true and fair view of the business that is supported by evidence.

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