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Financial accounting is a specific subdivision of accounting that keeps track of an organization’s financial transactions. Using uniform rules and guidelines, the transactions are recorded, summarized, and presented in form of financial report or financial statement, like an income statement or a balance sheet.Organizations prepare and issue financial accounting statements periodically as per the law of the land in this matter. The statements so published are considered external because they are published for the people outside of the company, with the main recipients being owners, stockholders, and certain investors. If a company’s stock is publicly traded, however, its basic financial statements, and other financial reports are generally circulated, and these reports are likely to reach secondary recipients such as customers, competitors, employees, labor organizations, and analysts.
It’s imperative to mention that the purpose of financial accounting is not to account for the value of a company. Rather, its aim is to provide enough data for others to assess the worth of the company for themselves.
Because financial statements are used by different people in a variety of ways, financial accounting has a common rule set by the respective authorities. This is known as accounting standards and as generally accepted accounting principles (GAAP). In the U.S., there is a separate board for that purpose is established by the federal government: The Financial Accounting Standards Board (FASB). It is the organization that remain responsible for developing the accounting standards in that country. Corporations whose stocks are publicly traded in the stock markets in the USA must also comply with the reporting requirements and standards of the Securities and Exchange Commission (SEC).
In the USA, GAAP is based on some elementary underlying principles and accounting concepts such as the cost principle, going concern, matching principle, full disclosure, conservatism, economic entity and reliability, etc.
Financial accounting generates the following financial statements:
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