Answer:
Financial accounting is an essential process for any business, and one that needs to be carried out with diligence. Financial accounting is required by law, and comes in the form of a set of mandatory documents that registered companies must put together and present, generally in their annual report.
In this introduction to financial accounting, we’ll explore what exactly financial accounting is, the difference between financial accounting and management accounting, and most important financial statements you must put together for financial accounting and reporting.
Step-by-step explanation:
Financial accounting is an essential process for any business, and one that needs to be carried out with diligence. Financial accounting is required by law, and comes in the form of a set of mandatory documents that registered companies must put together and present, generally in their annual report.
In this introduction to financial accounting, we’ll explore what exactly financial accounting is, the difference between financial accounting and management accounting, and most important financial statements you must put together for financial accounting and reporting.