Financial Accounting
Financial Accounting
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Financial accounting includes information disseminated to parties that are not part of the enterprise proper—stockholders, creditors, customers, suppliers, regulatory commissions, financial analysts, and trade associations—although the information is also of interest to the company's officers and managers. Such information relates to the financial position, liquidity (that is, ability to convert to cash), and profitability of an enterprise.
Accounting Information
Accounting information can be classified into two categories: financial accounting or public information and managerial accounting or private information. Managerial accounting deals with cost-profit-volume relationships, efficiency and productivity, planning and control, pricing decisions, capital budgeting, and similar matters. Read about Managerial Accounting here
More Accounting Entries
Accounting information can be classified into two categories: financial accounting or public information and managerial accounting or private information. Read about Financial Accouting here.
Specialized Accounting
Of the various specialized areas of accounting that exist, the three most important are auditing, income taxation, and nonbusiness organizations. Auditing is the examination, by an independent accountant, of the financial data, accounting records, business documents, and other pertinent documents of an organization in order to attest to the accuracy of its financial statements. Read about Auditing here The second specialized area of accounting is income taxation. Read about income taxation here A third area of specialization is accounting for nonbusiness organizations, such as universities, hospitals, churches, trade and professional associations, and government agencies. Read about accounting for nonbusiness organizations here
Financial Reporting
Traditionally, the function of financial reporting was to provide proprietors with information about the companies that they owned and operated. Read about financial reporting here
Accounting Principles
Accounting as it exists today may be viewed as a system of assumptions, doctrines, tenets, and conventions, all encompassed by the phrase "generally accepted accounting principles."Read about accounting principles here
The Balance Sheet
Of the two traditional types of financial statements, the balance sheet relates to an entity's position, and the income statement relates to its activity. The balance sheet provides information about an organization's assets, liabilities, and owners' equity as of a particular date (such as the last day of the accounting or fiscal period). Read about income balance sheet here
The Income Statement
The traditional activity-oriented financial statement issued by business enterprises is the income statement.
Regulations and Standards in the United States
Until 1973, accounting principles in the United States had traditionally been established by certified public accountants. Read about Accounting Regulations and Standards in the United States Source: "Accounting and Bookkeeping"Microsoft® Encarta® Online Encyclopedia
Resources
Professional Content and Learning Tools
Lawi offers educational solutions and professional insight, integrating content, tools, and practical technology to promote lifelong learning, personal and professional improvement, and human progress through knowledge. Our collections feature resources and solutions from a wide range of subject areas, from management and finance to law and cybersecurity. This text is only a brief introduction. If you would like us to expand on this content, please let us know in the comments. If you’re finding our platform and newsletters valuable, share it with a colleague or friend, leave a comment and consider subscribing if you haven’t already (thanks!). There are group discounts, gift options, and referral bonuses available.
See Also
Including similar content viewed by others, in case you missed it: Bookkeeping in the World
Literature Review on Financial Accounting
In the Encyclopedia of Public Administration and Public Policy, [1] Mozaffar Khan offers the following summary about the topic of Financial Accounting: Financial accounting is a vast and vibrant field. Accounting practice (both for business and for government) is constantly evolving to meet changing needs, and accounting research is gaining rigor in theory as well as sophistication in empirical methods. It is impossible to understand the culture and environment of financial management without understanding financial accounting.
Resources
Professional Content and Learning Tools
Lawi offers educational solutions and professional insight, integrating content, tools, and practical technology to promote lifelong learning, personal and professional improvement, and human progress through knowledge. Our collections feature resources and solutions from a wide range of subject areas, from management and finance to law and cybersecurity. This text is only a brief introduction. If you would like us to expand on this content, please let us know in the comments. If you’re finding our platform and newsletters valuable, share it with a colleague or friend, leave a comment and consider subscribing if you haven’t already (thanks!). There are group discounts, gift options, and referral bonuses available.
Notes and References
Entry about Financial Accounting in the Encyclopedia of Public Administration and Public Policy (2015, Routledge, Oxford, United Kingdom)
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Including similar content viewed by others, in case you missed it:
Resources
Professional Content and Learning Tools
Lawi offers educational solutions and professional insight, integrating content, tools, and practical technology to promote lifelong learning, personal and professional improvement, and human progress through knowledge. Our collections feature resources and solutions from a wide range of subject areas, from management and finance to law and cybersecurity. This text is only a brief introduction. If you would like us to expand on this content, please let us know in the comments. If you’re finding our platform and newsletters valuable, share it with a colleague or friend, leave a comment and consider subscribing if you haven’t already (thanks!). There are group discounts, gift options, and referral bonuses available.
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Further Reading
Global Encyclopedia of Public Administration, Public Policy, and Governance (2018, Springer International Publishing, Germany)
Hierarchical Display of Financial accounting
Business And Competition > Accounting > Accounting
Financial accounting
Concept of Financial accounting
See the dictionary definition of Financial accounting.
Characteristics of Financial accounting
Resources
Professional Content and Learning Tools
Lawi offers educational solutions and professional insight, integrating content, tools, and practical technology to promote lifelong learning, personal and professional improvement, and human progress through knowledge. Our collections feature resources and solutions from a wide range of subject areas, from management and finance to law and cybersecurity. This text is only a brief introduction. If you would like us to expand on this content, please let us know in the comments. If you’re finding our platform and newsletters valuable, share it with a colleague or friend, leave a comment and consider subscribing if you haven’t already (thanks!). There are group discounts, gift options, and referral bonuses available.
Translation of Financial accounting
Spanish: Contabilidad general
French: Comptabilité générale
German: Allgemeine Buchhaltung
Italian: Contabilità generale
Portuguese: Contabilidade geral
Polish: Rachunkowość finansowa
Thesaurus of Financial accounting
Business And Competition > Accounting > Accounting > Financial accounting
See Also
Including similar content viewed by others, in case you missed it:
Profit margin
Mark-up
Commercial accounting