5/4/2023 0 Comments Financial accounting pdf notes![]() It's important to point out that the purpose of financial accounting is not to report the value of a company. If a corporation's stock is publicly traded, however, its financial statements (and other financial reportings) tend to be widely circulated, and information will likely reach secondary recipients such as competitors, customers, employees, labor organizations, and investment analysts. ![]() The statements are considered external because they are given to people outside of the company, with the primary recipients being owners/stockholders, as well as certain lenders. Using standardized guidelines, the transactions are recorded, summarized, and presented in a financial report or financial statement such as an income statement or a balance sheet.Ĭompanies issue financial statements on a routine schedule. Financial accounting is a specialized branch of accounting that keeps track of a company's financial transactions. ![]()
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