Accounting Dictionary - Accounting Term

Financial Accounting

One more accounting term - Financial Accounting is a separate type of accounting the aim of which is to record transactions applying Generally Accepted Accounting Principles and periodically prepare Financial Statements based on such records.

Financial Statements in their turn are used by certain entities or individuals to judge on the results and success of business operations and make certain decisions related to the interests of such users.

There might be a lot of different parties interested in the data provided by the Financial Accounting, i.e. investors, creditors, customer, suppliers, employees, tax authorities, statistical bodies, governmental institutions and others. Each of them use the financial statements for their own purposes.

 

 

 

 

 

 

 

 

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