How will you define financial accounting?


Question: How will you define financial accounting?

Financial accounting is a branch of accounting that deals with the recording, summarizing, and reporting of financial transactions of a business or an organization. Financial accounting follows a set of rules and standards, such as generally accepted accounting principles (GAAP) or international financial reporting standards (IFRS), to ensure consistency and comparability of financial statements. Financial accounting provides information to external users, such as investors, creditors, regulators, and tax authorities, who are interested in the financial performance and position of a business or an organization.

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