Financial accounting is a branch of accountancy that deals with recording financial transactions into proper heads and generating financial reports for its users. Organizations perform business transactions on daily basis. Financial accountants record these transactions into proper accounts and prepare financial reports according to the applicable financial reporting standards that are called financial statements.
There are five types of financial statements named as, statement of financial position, statement of comprehensive income, statement of cash flows, statement of changes in equity, and notes to the financial statements. The standardized financial statements are then published as part of the annual report of the companies for the users of financial statements.
Statement of Financial Accounting Concepts No. 5 identifies four characteristics that
Distinguish among Accounting Research Bulletins, Opinions of the Accounting Principles Board
Omar Morena has recently completed his first year of studying accounting.
Each of the following situations involves a possible violation of the AICPA's
A press release announcing the appointment of the trustees of the new
Distinguish between FASB Accounting Standards Updates and FASB Statements of Financial Accounting
Differentiate broadly between financial accounting and managerial accounting.
: Refer to the data given in Exercise 3. Answer all
In what ways was it felt that the pronouncements issued by the
Karen Sepan, a recent graduate of the local state university,
