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  2. The basic functions of financial accounting include12345:
    • Recording, summarizing, and reporting financial transactions.
    • Creating essential financial statements such as the balance sheet, income statement, and cash flow statement.
    • Facilitating transparency, accountability, and trust within organizations.
    • Evaluating performance and financial health.
    • Planning for the future.
    Learn more:

    Key Highlights

    • Financial accounting isn’t just numbers; it’s a business’s journey. As a navigation tool guiding decisions, it helps users model financial trajectories, understand risks, and deploy resources.
    corporatefinanceinstitute.com/resources/accountin…
    Financial accounting is the framework that dictates the rules, processes, and standards for financial recordkeeping. Nonprofits, corporations, and small businesses use financial accountants to prepare their books and records and generate their financial reports.
    www.investopedia.com/terms/f/financialaccounting.…
    By systematically recording, summarising, and reporting financial transactions, financial accounting facilitates transparency, accountability, and trust within organisations. It serves as the foundation for evaluating performance and financial health, and planning for the future.
    www.bmc.net/blog/finance-and-accounting-articles/…
    Financial accounting is a fundamental branch of accounting that involves recording, summarizing, and reporting business transactions to create essential financial statements. These statements, including the balance sheet, income statement, and cash flow statement, provide insights into a company’s financial performance over a specified period.
    www.supermoney.com/encyclopedia/financial-acco…
    All companies use accounting to report, track, execute and predict financial transactions. The main functions of accounting are to store and analyze financial information and oversee monetary transactions. Accounting is used to prepare financial statements for a company's employees, leaders, and investors.
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