Author: Janaki S
Abstract: Financial accounting is one of the most significant sections of the accounting which is responsible for recording, classification, summarisation, analysis and reporting about financial transactions of a business organisation in a systematic manner. It offers a clear and consistent system for gathering and displaying finance data in a significant way. The main objective of Financial Accounting is to measure the financial results and the financial status of an organisation in a specific accounting period. It helps the owners, managers, investors, creditors, government bodies and other interested parties to grasp the activities and finances of an enterprise.
