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define financial accounting​

Sagot :

Samawati

Answer:

see below

Explanation:

Financial accounting is a branch of accounting whose primary function is to gather information and produce reports of an organization's financial activities. Financial Accounting applies either the accrual basis or the cash accounting basis. It involves recording, summarizing, and preparing financial statements of a company's business transactions.

The financial statements communicate business performance and financial positions to stakeholders, including employees, management, business partners, investors, and shareholders.

The financial statements are

  • The income statements
  • The balance sheet
  • The cash flow statement
  • The statement of retained earnings
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