Explore BrainMass

Explore BrainMass

    Financial accounting and users of financial accounting

    Not what you're looking for? Search our solutions OR ask your own Custom question.

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    How would you describe financial accounting? Select two users, one internal and one external, who you think benefit the most from accounting. Explain why and how you think they benefit.

    © BrainMass Inc. brainmass.com March 4, 2021, 11:23 pm ad1c9bdddf

    Solution Preview

    If you are a business man then you willing to know the business profit or loss. But how ?
    It is only possible that if you have kept the records correctly. Now question arises how you can keep records?
    So the problem now will solve by accounting.

    By definition

    " The art of recording, classifying and summarizing the business transactions and finally prepare
    the financial statements."

    "Accounting) is the process of maintaining, auditing, and processing financial information for
    business purposes."

    Transactions must be recorded as they occur in order to provide up-to-date information
    for management.

    The transaction for a period are summarised in order to provide information about the
    company to interested parties.

    Financial Accounting emphasizes ...