As organizations play an important role in the growth of economy
similarly financial accounting helps in the growth of an organization.
It is through this that the managers of an organization gets information
about the regular financial transaction of an organization and the
document introduced by the accounting department helps the managers to
formulate decisions for the progress of the business. Hence financial
accounting is an inescapable branch of study for students who need to
take up accounting as their career.
Financial
Accounting means providing financial information of company to other
organizations, banks, share holders and government tax agencies. This is
important part of company like if customer wishes to buy sell then
he/she will see the financial information of company. Also, If company
need the loan then bank first sees the company financial information and
if financial information is nice then the excellent chance of repaid
loan.
Hence, in order to train the mind of
students, teachers give them assignments to prepare balance sheets but
most often student fail to prepare it properly. But now they can
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It will be a great relief to students of
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The
most important tasks performed by financial accounting is to prepare
balance sheet for the organization based on which new policies are
formulated. This preparation of balance sheet requires full attention
and devotion of time because single mistake can lead to a wrong
conclusion as well as a wrong conclusion can adversely affect the
performance of the organization.
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