Process of Financial Accounting

Question :

Accounting of finances is a process which includes recording of companys transactions which are summarised and then reported through a financial statement. You are working in an accountancy firm a s a junior accountant. You are assigned to prepare report stating firms awareness of accountancy regulations for which you are required to answer the below mentioned questions.

• What is meant by financial accounting? Explain its purpose.
• Explain financial accountancy regulations?
• Explain 10 different rules of accounting and principles that helps in governing preparations and presentation of the statements of finance.
• Explain different concepts and conventions that relates to consistency and disclosure of material.

Answer :

Organization Selected

INTRODUCTION

Financial accounting is very vital for every organization along with its industry. The present report is giving brief discussion about accounting rules and regulations along with its basic principles. In the same series it had specified various financial statements which are very important for extracting financial performance and stability.