MANAGEMENT

Detailed explanation-1: -The balance sheet, income statement, and cash flow statement summarise all financial transactions that occurred within a specific accounting period. The process of preparing interim and annual financial statements is called financial accounting.

Detailed explanation-2: -Accounting is the process of recording financial transactions pertaining to a business. The accounting process includes summarizing, analyzing, and reporting these transactions to oversight agencies, regulators, and tax collection entities.

Detailed explanation-3: -Bookkeeping is the process of recording your company’s financial transactions into organized accounts on a daily basis.

Detailed explanation-4: -Record keeping is how you log, store and dispose of important financial information for your business. Records are: source documents, both physical and electronic, that show transaction dates and amounts. contracts and other legal documents. private customer and business details.

Detailed explanation-5: -Financial statements (or financial reports) are formal records of the financial activities and position of a business, person, or other entity.