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Financial accounting

What is financial accounting?

Financial accounting is a branch of accounting that focuses on the preparation of financial statements. These statements are used by investors, creditors, and other external parties to understand a company's financial performance and position.

Financial accounting involves recording, summarizing, and presenting a company's financial transactions over a specific period. These transactions are presented in the form of financial statements, including the income statement, balance sheet, and cash flow statement. Financial accounting follows established rules known as accounting standards or GAAP.

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