Financial Accounting

Financial Accounting involve recording financial data and preparing financial statements of entity based on accounting standards or reporting frameworks.

  • Types of Financial Statements
  • Element of Financial Statements
  • Balance Sheet
  • Income Statement
  • Accounting principle
  • Assets
  • Liabilities
  • Retained Earning
  • Trial Balance
  • Financial Statements Analysis
  • And others importance topics related to auditing

How To Record Impairment Loss Journal Entry?

Companies require assets to operate and generate revenues. Usually, these assets come from their operations over the years. Some companies may acquire them while others can also produce them. Either way, these assets contribute to the activities that companies perform. While companies have various asset types, fixed assets are usually the most crucial long-term resources. …

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What is the Objective of Financial Accounting? (10 Main Objective You Should Know)

Financial accounting aims to achieve operational management of accounting transactions related to business. It’s focused on collecting transaction-wise details, recording, summarizing, and reporting this information is structured and useable form.  Further, the process is designed to help businesses keep a detailed record that helps meet legal and constructive obligations. Let’s discuss the objectives of financial …

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Do You Need to be Good at Math to Study Financial Accounting?

Financial accounting can be a good career choice for many. Even if one does not wish to become an accountant, knowing can be crucial. Most investors, although not financial accountants, use financial accounting for decision-making. Over time, the demand for this knowledge has increased substantially. While other areas of accounting also exist, like cost accounting, …

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How Outsourced Accounting Can Manage Business Tax Workflows

Outsourcing refers to the process of hiring a third party to perform services usually done by the company’s employees or staff. Companies that outsource are usually trying to cut costs. For some small businesses, hiring an in-house team can be more expensive than outsourcing ad-hoc or ongoing tasks.  While the main driver for companies to …

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