A field of accounting that treats money as a means of measuring economic performance instead of as a factor of production. It encompasses the entire system of monitoring and control of money as it flows in and out of an organization as assets and liabilities, and revenues and expenses.
Financial accounting gathers and summarizes financial data to prepare financial reports such as balance sheet and income statement for the organization's management, investors, lenders, suppliers, tax authorities, and other stakeholders.
Use this term in a sentence
I got my financial accounting certification that day and everyone, even my dad, was really proud of me and my accomplishment
If you want to always know where your business stands you should keep great records of all of your financial accounting.
You should have a great financial accounting team on your side that may save you lots of money long term.