The Financial Concepts in the Business Report

Business Report

(a): Meaning of Financial Accounting

Financial accounting encounters the important aspects that remain associated with the accounting standards, managing the accounting information, and the details in an organizational context. Organisations are adapting the financial accounting rules and principles in terms of getting the core effectiveness within financial operations and management. There are some specific guidelines made subject to retaining the financial information and making the financial plans defined in this context. Financial accounting principles and concepts help to define the financial position and the financial stability of an organization. Financial accounting provides a horizontal structure for presenting and keeping the financial records and the transaction in a well-structured form. Financial information is provided in various formats as per their nature and theme. There are some financial statements defined below subject to the financial statement (Lundberg and Sundbaum, 2016).

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Income statements: there are some transactions that happen in respect of revenues and expenditures. The income statement provides a path to record the information in an organized manner, such as on the debit side and credit side. All the revenue-related transactions are recorded on the credit side, and all the expense-related transactions are recorded on the debit side. It assists the managers and the accountants whether the organisation is gaining profit or loss.&nb

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