BUSINESS ADMINISTRATION
FINANCIAL ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Organize financial information
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Provide useful, financial information to outsiders
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Keep track of company expenses
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minimize company taxes
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Detailed explanation-1: -In a practical sense, the main objective of financial accounting is to accurately prepare an organization’s financial accounts for a specific period, otherwise known as financial statements. The three primary financial statements are the income statement, the balance sheet and the statement of cash flows.
Detailed explanation-2: -What Is the Primary Purpose of Financial Accounting? The primary purpose of financial accounting is to paint a clear picture of a company’s operational performance over a specified period of time, as well as summarize its assets, liabilities and equity at a point in time.
Detailed explanation-3: -The objective of financial reporting is to provide financial information about the reporting entity that is useful to present and potential equity investors, lenders, and other creditors in making decisions in their capacity as capital providers.