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What is Financial Accounting?

August 22, 2021 admin Comments Off on What is Financial Accounting?

Successful businesses have money coming in and going out in an almost constant stream. To keep track of it all requires diligent financial accounting. This branch of accounting focuses on keeping records of all financial transactions of an organization, to measure economic performance and the organization’s financial position. Financial accounting is responsible for summarizing and preparing all financial reports.
While the mission of financial accounting is the same for any business, the practice and scale varies wildly depending on the company. A small mom-and-pop shop might outsource its accounting to a single CPA. Meanwhile, a mega corporation might have an entire …read more […]