financial accounting and its advantages

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2. Why is financial accounting needed? The goal of managerial accounting is to help company managers and supervisors make financial decisions, whereas the goal of financial accounting is to provide important financial information about your company to those outside of the business.

3. What is the main purpose of financial accounting? The purpose of accounting is to provide the information that is needed for sound economic decision making. The main purpose of financial accounting is to prepare financial reports that provide information about a firm's performance to external parties such as investors, creditors, and tax authorities.

4. Why do we need accounting? Because it communicates so much of the information that owners, managers, and investors need to evaluate a company's financial performance . In fact, the purpose of accounting is to help stakeholders make better business decisions by providing them with financial information. For Video Click here : Accounting Courses in Chandigarh

5. What is the main objective of financial accounting? The Final Accounts. In a practical sense, the main objective of financial accounting is to accurately prepare an organization's final accounts for a specific period, otherwise known as financial statements. The three primary financial accounts are the income statement, the balance sheet and the statement of cash flows.

6. What is the role of financial accounting? Role of Financial Accounting. In a business, the financial accounting function is responsible for periodically reporting pecuniary information to business owners. Interested parties such as regulators, customers, investors and creditors often require this financial information.

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