financial accounting
Definition
Field of accounting that treats money as a means of measuring economic performance instead of (as in cost accounting) as a factor of production. It encompasses the entire system of monitoring and control of money as it flows in and out of the firm 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 firm's management, investors, lenders, suppliers, tax authorities, and other stakeholders.
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