Financial accounting is a part of finance that oversees the company’s financial record and keeps a report on its revenue, expenses, and receivables for a particular period. It follows strict guidelines to make sure that the financial statements are accurate and meet the target of the company and fulfill the fiscal, legal and regulatory requirements. Financial accounting is a necessary part of learning for commerce students. They may have to prepare assignments on financial accounting which may be sometimes difficult. However, accounting assignment help has supported many students who seek help in preparing assignments on accounting, finance, etc. They have 1000+ experts in accounting and finance who can guide you thoroughly while writing these assignments. If you are someone who is looking for such help, then you should connect with accounting assignment services.
Financial accounting has its objectives that should meet the regulatory requirements so that it becomes convenient for outsiders to make an informed decision about the company’s fiscal status. Some of the primary objectives of financial accounting are described below-
· Standardize recording of transactions
Financial accounting is a systematic method of combining and keeping a record of an organization's business transactions. Accountants can easily sort, summarize and explain the transactions to make financial statements that are used by end users to take actionable insights.
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· Decide profitability
Another primary aim of financial accounting is to decide a company's profitability. Stakeholders and management team members can compare and decide the profit and loss of the company. They can make decisions to improve performance or to sustain the positive results that are reflected in the financial statements.
· Determine financial health
Stakeholders can acquire information through financial accounting to help stakeholders check the status of a company's assets and liabilities. The reports can show investors and owners and shareholders if the value of their assets and liabilities is increasing or not. The financial statements are also useful to gauge an organization's liquidity and solvency positions. Stakeholders can obtain information about its ability to meet debt commitments.
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· Aid decision making
Stakeholders can get all the financial information with the help of financial statements to make rational decisions about a business. Financial statements make a detailed audit of the company's financial value, that will allow investors and creditors to evaluate their prospects while making decisions.
What are the fundamental classifications of financial accounting?
Considering the objective of financial accounting, it is required to prepare accurate financial reports of a company for a certain time. Financial accounting makes the information available to end-users. However, the conceptual framework of financial accounting requires the financial reports to have these qualities that are mentioned below.
· Relevance
Meanwhile, financial accounting should ensure that the reports it reflects apply to the audiences who rely on this information to make decisions on the company's value and health. It expects the information to be accurate and cover the period under review. End users should be able to make decisions based on the current data.
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· Reliability
The information provided in the financial statements must be fact-based, verifiable and free from misleading data. It must follow the guidelines provided by the international financial accounting standards. Many organizations hire external auditors to look into the authenticity of their financial statements.
· Consistency
Financial statements must follow a continuous reporting standard to provide reliable financial information from different periods. This will allow the audience to compare various financial records from different periods and still make the best decisions. When a company’s financial records are inconsistent, it is the responsibility of financial accountants to mention the discrepancies in their reports, so that the readers can easily view the information.
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· Comparability
Financial accounting allows various organizations comprising multiple industries to prepare reports about their company's present situation that use the same standards. This is useful for investors and other interested ones to compare data from a wide variety of businesses before making any investment decisions.
· Understandability
Another aim of financial accounting is to provide information in the most simple and precise form that is easily accessible and understood by the end user. It must not contain any vague information that can mislead the users into making a wrong decision.
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To conclude, financial accounting is a system that ensures that users get all the required details about a company's financial status before making any decisions. This is beneficial for both the stakeholders and the organization to understand their economy and make future decisions effectively.
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