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Samples : Financial Accounting And Its Purpose

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Introduction to Financial Accounting

Financial accounting is a branch of accounting that focuses on the preparation, analysis, and reporting of financial transactions and statements for external stakeholders, such as investors, creditors, regulators, and tax authorities. It provides a systematic and comprehensive record of a company’s financial activities, ensuring transparency, accountability, and accuracy in financial reporting. The primary objective of financial accounting is to present a true and fair view of an organization’s financial performance and position.