Corporate Financial Accounting

CORPORATE FINANCIAL ACCOUNTING

Financial Accounting
Financial accounting is defined as that field of accounting
that is concerned with the overall summary, reporting and
analysis of the financial transactions which is related to the
business.
This involves preparing of the financial statements which is
available for the use of public.
It is the process of the financial statements which is used by
the companies for showing their financial performances as
well as financial position to the people who are outside the
company which includes investors, creditors, customers and
suppliers.

Financial Accounting
Most of the companies put quarterly as well as annual financial
statements together, which are presented or making available to the
public who are investing and the shareholders. The financial
performance of the company is showed by the four basic financial
statements, which are as follows:
Income Statement- This is also known as profit and loss statements.
This statement covers the particular period of time such as a year or
quarter. In the income statement, net income is generated by deducting
total revenue from the total expenses.
Balance Sheet- This is the statement of the assets as well as the
liabilities. The balance sheet is considered as the financial snapshot at
the specific period of time or at the end of the financial year.