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Financial accounting Indicate whether each phrase is more descriptive of financial accounting or managerial accounting.
What is Financial accounting?
Financial accounting is the branch of accounting concerned with the summary, analysis, and reporting of a company's financial transactions. This entails preparing financial statements for public consumption.
The primary goal of Financial Accounting is to reveal the business's profits and losses and to provide a true and fair view of the business, with the goal of protecting the interests of various stakeholders, both internal and external to the business.
In practice, financial accounting's main goal is to accurately prepare an organization's financial accounts for a specific period, also known as financial statements. The income statement, balance sheet, and statement of cash flows are the three primary financial statements.
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