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Finance and Accounting

Business is the activity of making one's living or making money by producing or buying and selling products Simply put, it is

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Frequently Asked Question

  • What do you mean by financial accounting?

    Financial accounting collects and creates a summary of the economic data in order to prepare the financial reports like balance sheet, an income statement for the company's management, lenders, suppliers, investors, tax authorities and the stakeholders.

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  • What are the characteristics of financial accounting?

    The characteristics of Financial accounting are:- Monetary Transaction, Historical Nature, Legal Requirement, External Use, Disclosure of Financial Status, Interim Reports, Financial Accounting Process.

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  • What do you mean by financial reporting?

    Financial Reporting includes the sharing of the financial information to the different stakeholders about the financial position and financial performance of the company over a definite period of time. The stakeholders are investors, public, debt providers, creditors, governments & also government agencies.

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  • What are the different types of financial reporting?

    There are four types of Financial reporting:- Income statement, Balance sheet, Cash flow statement, Changes in equity statement.

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