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What do you mean by financial accounting? Explain it\'s one main function |
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Answer» Financial accounting- is that branch of accounting which is concerned with recording of business transaction which is financial in nature in a systematic order.Its main one function is that it helps in ascertaining the profit earned or loss incurred during a particular accounting period and it also helps in determining the financial position of business. Financial accounting is the field of accounting concerned with the summary, analysis and reporting of financial transactions pertaining to a business. This involves the preparation of financial statements available for public consumption.\xa0 |
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