1. #1
    Esthanbasha.u Array
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    Definition and types of Financial Accounting?

    What Is meant by Financial Accounting?How Many Types of accounting is there?

  2. #2
    somu Array
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    Re: Definition and types of Financial Accounting?

    the main purpose of financial accounting is to prepare a financial reports that provide information about firms performance to external parties such as creditor,investors,tax authorities.
    or
    the process of identifying, measuring and communicating economic information to permit informed judgements and decisions by users of the information.
    The two ypes of accounting are as :-
    1-Financial Accounting
    2-Management Accounting

  3. #3
    selvakumar Array
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    Re: Definition and types of Financial Accounting?

    Quote Originally Posted by Esthanbasha.u View Post
    What Is meant by Financial Accounting?How Many Types of accounting is there?



    Meaning OF Financial Accounting :-

    Financial Accounting is an very useful to Know about the financial Position of an Business Organisation , whether the business going on loss or Profit . The Main objective of Financial Accounting is prepare the Annual report and Find out the final position . Financial Accounting is very essential for every business organisation .

    Definition for Financial Accounting :-

    A field of accounting that treats money as a means of measuring economic performance instead of as a factor of production. It encompasses the entire system of monitoring and control of money as it flows in and out of an organization as assets and liabilities , and revenues and expenses .

    The Financial Accounts may be divide into three parts namely , Trading Account / Profit and Loss Account / and Balance Sheet .

    There are two types or Method of Financial Accounting there are , Cash Accounting / Accrual Accounting .

  4. #4
    Nathan Array
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    Re: Definition and types of Financial Accounting?

    DEAR FRIEND:

    ACCOUNTING:

    ACCOUNTING IS THE PROCESS OF RECORDING CLASSIFYING AND SHORTLY IN A SIGNIFICANT MANNER AND IN TERM OF MONEY TRANSACTIONS AND EVENTS WHICH ARE IN A PART AT LEAST OF FINANCIAL CHARACTER AND INTERPRETING THE RESULTS THERE OF"

    THE BASIC TERM'S USED IN ACCOUNTING:
    1)CAPITAL
    2)LIABILITY
    3)ASSETS
    4)EXPENDITURE
    5)INCOME
    6)PURCHASE
    7)SALES
    8)STOCK
    9)DEBTOR
    10)CREDITOR.
    11)TRANSACTION
    12)LOSSES
    13)PROFIT
    14)DRAWING

    BRANCHES OF ACCOUNTING:
    1)FINANCIAL ACCOUNTING
    2)COST ACCOUNTING
    3)MANAGEMENT ACCOUNTING

    1)FINANCIAL ACCOUNTING:

    ACCOUNTING FOR REVENUS (INCOMES) EXPENSES ASSETS AND LIABILITY THAT IS COMMONLY CARRIED ON IN THE GENERAL OFFICES OF THE BUSINESS IS KNOWN AS FINANCIAL ACCOUNTING.

    THE FINANCIAL ACCOUNTING INFORMATION IS EXPRESSED IN TWO MAIN TYPES OF FINANCIAL STATEMENTS:
    1)PROFIT AND LOSS ACCOUNT
    2)BALANCE SHEET.

    THE OWNERS,CREDITORS,MANAGEMENT,EMPLOYEES, FINANCIERS,ETC......... MAKE USE OF THE INFORMATION PROVIDES BY FINANCIAL ACCOUNTING.

    THE FINANCIAL ACCOUNTING HAVE A TWO TYPE:
    1)CASH ACCOUNTING
    2)ACCRUAL ACCOUNTING.

    ALL THE BEST FRIEND ;-)

  5. #5
    Lks Rcs Array
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    Re: Definition and types of Financial Accounting?

    hi friend , there are some conditions and steps in accounting : definition : first of all , an accounting is an collection and recording of information on all financial transactions of entity , reporting the results of those transaction and interpreting those results . finance is the function of managing the financial operation of an entity , including decisions on method . methods are : - capital - assets - idle cash - financial investment - collecting money from customers - bills and pay roll etc........... financial a/c : - trading a/c - profit and loss a/c - balance sheet rules are : - PERSONAL A/C - REAL A/C - NOMINAL A/C PERSONAL A/C : - debit : the receiver - credit : the giver REAL A/C : - debit : what comes in - credit : what goes out NOMINAL A/C : - debit : all expenses and losses - credit : all income and gains . In the above rules are very important in the accounting subject .

  6. #6
    ashok rks Array
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    Re: Definition and types of Financial Accounting?

    Hi Friend

    There are There Types of Accounting
    *Financial Accounting
    *Management Acounting
    *Cost Accounting

    There are Three Rules In Accounting

    1.Personal
    Debit The Reciver
    Credit The Giver
    2.Real
    Debit What Comes In
    Credit What Goes Out
    3.Nominal
    Debit all Expenses an losses
    Credit all incomes and Profit

    the Calculation Can be Made in Accounting is
    1.Final Account
    2.Profit & Loss Account
    3.Partnership Account
    4.Ratio Analysis

    Financial Acounting
    Finanical Accounting is Nothing but a collection of all cash & credit transaction in a companies
    they record all the transaction that was maded by the Companies

    These are Transaction to be made in the Financial Accounting is

    Asset
    Liability
    Rent
    Carriage Inward
    Carriage outward
    Sales
    Purchase
    Salary

  7. #7
    rajashekhar Array
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    Re: Definition and types of Financial Accounting?

    Hiiiiiiiiiiiiiii
    Financial Accounting is the process of reporting of the financial position and
    performance of a firm through financial statements issued to external users on a
    periodic basis
    There are two types of financial accounting
    1.Cash accounting
    2.Accrual accounting

  8. #8
    deep3079 Array
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    Re: Definition and types of Financial Accounting?

    Dear friend

    financial accounting:- financial accounting is a very useful to know about the financial position of an business organization, whether the business going on loss or profit. The main objective of financial accounting is prepare the annual report and find out the final position. Financial accounting is very essential for every business organization.

    The financial accounts may be divide into three parts namely :- trading account/profit and loss account/and balance sheet.

    There are two types of financial accounting . They are :
    1)cash accounting
    2)accural accounting

    best of luck.....

  9. #9
    Buzz Array
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    Re: Definition and types of Financial Accounting?

    Financial Accounting: -
    Financial accounting is very useful to know about the financial situation of the business, both in the ongoing work in the loss or profit. The main objective of financial accounting is to prepare the annual report and find out the final position. Financial accounting is very essential for every business organization.

    Definition of financial accounting: -

    The field of accounting that treats money as a means to measure the economic performance rather than as a factor of production. They include the entire system of monitoring and control of money because it flows in and outside the organization such as assets, liabilities, revenues and expenses.

    Financial accounts may be split into three parts: the trading account / profit and loss account / balance sheet.

    There are two types of financial accounting method or there, cash accounting / accrual basis of accounting.

  10. #10
    grotesque Array
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    Re: Definition and types of Financial Accounting?

    dear sir,
    Financial accounts are concerned with classifying, measuring and recording the transactions of a business. At the end of a period (typically a year), the following financial statements are prepared to show the performance and position of the business like:
    1. P & L accounts
    2. Ledger
    3. trial balance
    4. B/s
    this is mainly do so to known the correct position and the profitability of the business.
    Thanks and regards

  11. #11
    subham21 Array
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    Re: Definition and types of Financial Accounting?

    Dear friend,

    financial accounting is defined as the classifying ,measuring & measuring & recording the transactions of a business.

    At the end of a period th following financial statements are prepared to show the performance & position of the business

    like
    1.b/s

    2.trial balance

    3.ledger

    4.p & l accounts


    there are two types of financial accounting

    1.cash accounting

    2.accural accounting

    best of luck.........

  12. #12
    subodh1014 Array
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    Re: Definition and types of Financial Accounting?

    hi,
    dear friend,
    the defination of financial accounting is that it is a process which mainly concern with classifying , measuring and recording the transactions of a bussiness . the main objective of financial accounting is to prepare an annual report and find out the final position , it is very important for any business organisation....

    the financial accounting is of three types :-
    1. trading account
    2. profit and loss account
    3.balance sheet

    all the best......................

  13. #13
    irasharma Array
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    Re: Definition and types of Financial Accounting?

    Financial accounting is a field of accounting that treats money as a means of measuring economic performance instead of as a factor of production. It encompasses the entire system of monitoring and control of money as it flows in and out of an organization as assets and liabilities, and revenues and expenses.
    Financial accounting gathers and summarizes financial data to prepare financial reports such as balance sheet and income statement for the organization's management, investors, lenders, suppliers, tax authorities, and other stakeholders.
    The two types -- or methods -- of financial accounting are cash and accrual. Although they're distinct, both methods rely on the same conceptual framework of double-entry accounting to record, analyze and report transactional data at the end of a given period -- such as a month, quarter or fiscal year.

  14. #14
    Unregistered

    Re: Definition and types of Financial Accounting?

    what do you mean by financial performance?

  15. #15
    rajpurohitt Array
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    Re: Definition and types of Financial Accounting?

    Hello Friend,


    Financial Accounting ::

    Financial capital maintenance can be measured in either nominal monetary units or units of constant purchasing power.
    Reporting of the financial position and performance of a firm through financial statements issued to external users on a periodic basis.
    Financial accountancy is the field of accountancy concerned with the preparation of financial statements for decision makers, such as stockholders, suppliers, banks, employees, government agencies, owners, and other stakeholders.
    Financial accounts are concerned with classifying, measuring and recording the transactions of a business.



    Financial accounting Purpose :

    General purpose financial statements.
    Information for decision making, planning and performance evaluation

    Financial statements for meeting regulatory requirements.


    Financial Accounting Represents Following for Business :

    Profit and Loss Account
    Balance Sheet
    Cash Flow Statement
    Notes to the Accounts
    Directors' Report



    Good Luck......

  16. #16
    ss28626 Array
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    Re: Definition and types of Financial Accounting?

    Definition for Financial Accounting :-

    A field of accounting that treats money as a means of measuring economic performance instead of as a factor of production. It encompasses the entire system of monitoring and control of money as it flows in and out of an organization as assets and liabilities , and revenues and expenses .

    The Financial Accounts may be divide into three parts namely , Trading Account / Profit and Loss Account / and Balance Sheet .

    Types of
    Financial Accounting :-

    There are two types or Method of Financial Accounting there are , Cash Accounting / Accrual Accounting .


  17. #17
    Varam Array
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    Re: Definition and types of Financial Accounting?

    Financial Accounting: The end of year accounts of a company comprising the Trading, Profit & Loss Account and the Balance Sheet.

    Types of financial accounting are as follows:



  18. #18
    Unregistered

    Re: Definition and types of Financial Accounting?

    what is cost accounting whereas we know that there are two types of accounting?

  19. #19
    indyarocks Array
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    Re: Definition and types of Financial Accounting?

    Hello friend,

    BRANCHES OF ACCOUNTING:

    1)FINANCIAL ACCOUNTING

    2)COST ACCOUNTING

    3)MANAGEMENT ACCOUNTING

    Financial Accounting: -

    Financial accounting is very useful to know about the financial situation of the business, both in the ongoing work in the loss or profit.

    The main objective of financial accounting is to prepare the annual report and find out the final position.

    Financial accounting is very essential for every business organization.

    Definition of financial accounting: -

    The field of accounting that treats money as a means to measure the economic performance rather than as a factor of production.

    They include the entire system of monitoring

    and control of money because it flows in and outside the organization such as assets, liabilities, revenues and expenses.

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