Financial Accounting Simplified
Accounting is a language, a system that communicates information. It is often referred to as the language of the business, although it is just as important in the operation of government agencies, clubs, colleges and other kinds of organisations.Financial Accounting, together with Cost Accounting and Management Accounting are traditionally described as three branches of accounting. Each of these kinds serves a different primary objective and provides different, of course, interconnected information to different groups of users of accounting information.Primary concern of Financial Accounting is to record in a systematic way, money transactions between an economic entity and third parties such as suppliers, customers, employees, bankers etc. so that at the end of accounting year, results of the whole year in terms of profit and loss can be measured and financial position on the closing date can be judged.
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