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What is Financial Accounting?
Accounting is an art of recording, organizing, maintaining and analyzing financial activities
. It is known as the language of business. There are 2 users of accounting, one is internal and another is external. Information pass by internal users is used for decision making and external users have a stake in the organization as they have a credit to them. The users of accounts are divided into two parts, internal users and the External users. The internal users include the managers and employees of the organization. The managers and the employees work within the organization and are thus directly involved with the activities of the organization. On the other hand external users involve, creditor banks and third parties, etc. who are indirectly involved with the matters of the organization. The important aspects of financial accounting
are as follows:
1. Diagrams, figures and charts
2. Well annotated descriptions and write ups
3. Step by step calculations
The various streams of our expertise are:
- Construction of Balance Sheets
- Trial Balance
- Income Statements
- Ratio Analysis
- Costing Methods
- Cost Elements
- Managerial Accounting
Statement Costing Methods such as:
- Weighted average inventory
- Book Value Calculation
Depreciation calculation methods:
- Straight line method
- Declining balance method
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Accounting an Art or Science
Art is the It is an art not science as it cannot follow the same set of rules it has its own way of treating Information there is some standards set by the organization known as GAAP or the Generally Accepted Accounting Principles. That is generally accepted accounting principles. These rules are set by the international accounts standard board.