Financial Accounting
Financial accountancy (or financial accounting) is the field of accountancy
concerned with the preparation of financial statements for decision makers,
such as stockholders, suppliers, banks, government agencies, owners, and
other stakeholders. The fundamental need for financial accounting is to
reduce principal-agent problem by measuring and monitoring agents'
performance and reporting the results to interested users.
Financial accountancy is used to prepare accounting information for people
outside the organization or not involved in the day to day running of the
company. Managerial accounting provides accounting information to help
managers make decisions to manage the business.
Financial accountancy is governed by both local and international accounting
standards.
From: Wikipedia
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FINANCIAL
ACCOUNTING