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Home » What is Financial Accounting

What is Financial Accounting

February 11, 2014 By Salman Qureshi 1 Comment

What is Financial Accounting?

Financial Accounting is very common now-a-day, but people did not know actually what financial accounting is, below we try to explain ” what is a financial accounting ” in clear and easy way.

Financial Accounting:

Financial accounting is the art or science of recording, classifying and summarizing the business transaction in a significant manner and interpreting the result and preparation of Financial Reports.

Financial Accounting According to Dupree & Marder

“The act of collecting, processing analyzing interpreting and projecting of statements”

Accounting has been defined as: the art of recording, classifying, and summarizing in a significant manner and in terms of money, transactions, and events which are, in part at least, of financial character, and interpreting the results thereof.(AICPA)

what is financial accounting
what is financial accounting

From the above definition of Financial Accounting

we can ascertain that:

1.Recording of business data.
2.Classification of recorded data.
3.Analysis of summarized data.
4.Preparation of statements and reports.

Filed Under: Financial Accounting Tagged With: define financial accounting, explain financial accounting, financial accounting, What is Financial Accounting

Comments

  1. shaheer says

    April 10, 2019 at 9:27 pm

    Excuse me can you give me your email address so i can take help from you in all commerce subjects

    Reply

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