√ Definition of Financial Accounting, Functions and Types of Reports

August 08, 2023
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Definition of Financial Accounting, Functions and Types of Reports – In a company there are several jobs or sections that have their respective influences within a company.

In this company there are lots of parts and tasks that must be completed and done well too. Like the tasks of financial accounting which are very numerous and must be very thorough in providing reports.

Definition of Financial Accounting, Functions and Types of Reports

In making reports, financial accounting will be based on all activities that have been carried out or carried out from a few days ago. In order to understand what financial accounting is, it will be explained as follows.

Definition of Financial Accounting

Financial accounting is a part of accounting that has to do with preparation financial reports to be submitted to outside parties such as shareholders, creditors, suppliers, and others other.

Financial accounting is a part of accounting to be able to produce information in a form financial reports which will later be addressed to outside parties such as shareholders, taxation, and others other.

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Financial accounting is a system that can manage various types of recorded transactions carried out by the company so that it can compile financial reports regarding the transaction happen.

Financial accounting is an activity carried out with its duties from recording to analyzing financial data in the company and also the products obtained from these activities in the form of reports finance. This report is divided into internal company reports and company external reports.

Financial Accounting Function

The function that is owned by financial accounting is to be able to provide information about finances in an organization or company. This report is intended to be able to find out how the situation is owned by the company and what changes have occurred in the company.

This report can also provide an influence on the decisions that will be taken to determine a problem and to move the company forward.

General Accounting Functions

Accounting generally has functions which include:

To be able to know the profit or loss of the company.
To be able to provide information about management that will affect the company.
To be able to assist in determining all the rights obtained from each party that has an interest in the company.
To be able to supervise and be able to control all forms of activity within the company.
To be able to assist the company in achieving predetermined targets.

Understanding of Financial Accounting and Its Functions and Types of Reports

Types of Financial Statements

There are several types of financial reports which include:

Cash flow
Income statement
Balance Report
Equity Report
Financial report notes

Here's an explanation about Definition of Financial Accounting, Functions and Types of Reports which is explained by knowledge. With the existence of financial accounting, it will be able to make the company know and make decisions about the life of the company in the future. Hopefully useful 🙂

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