MANAGEMENT

Detailed explanation-1: -Financial accounting is a specific branch of accounting involving a process of recording, summarizing, and reporting the myriad of transactions resulting from business operations over a period of time.

Detailed explanation-2: -Financial accounting is important for businesses because it helps them keep track of their financial transactions. In turn, they can make sound decisions on how to allocate their resources. In addition, financial accounting helps you communicate your business finances to outside parties such as creditors and investors.

Detailed explanation-3: -Which of the following is the best description of accounting’s role in business? Accounting provides information to managers to operate the business and to other users to make decisions regarding the economic condition of the company.