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WHAT’S SO INTERESTING ABOUT FINANCIAL ACCOUNTING?

Financial accounting involves working with a company's financial records to ensure that they're properly maintained and classified. Good bookkeeping can boost a business firmu2019s growth and development. Seek captivating knowledge about financial accounting, financial reporting, objectives of financial accounting, duties of a financial accountant and, labor statistics in this presentation.

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WHAT’S SO INTERESTING ABOUT FINANCIAL ACCOUNTING?

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  1. www.homeworkjoy.com

  2. FINANCIAL ACCOUNTING Financial accounting involves working with a company's financial records to ensure that they're properly maintained and classified. www.homeworkjoy.com

  3. Using systemized guidelines, the transactions are recorded, summarized, and presented in a financial report or financial statements such as an income statement or a balance sheet. Good bookkeeping can boost a business firm’s growth and development. www.homeworkjoy.com

  4. FINANCIAL STATEMENTS They are termed as the written records that convey the business activities and the financial performance of a company. www.homeworkjoy.com

  5. There are four types of financial statements: - • Income Statement • Cash Flow Statement • Balance Sheet • Statement of Shareholders’ Equity www.homeworkjoy.com

  6. FINANCIAL REPORTING It is termed as the disclosure of financial results and related information to management and external stakeholders. www.homeworkjoy.com

  7. It occurs through the use of financial statements like Revenues and expenses are accounted for and reported on the income statement, etc. www.homeworkjoy.com

  8. ACCOUNTING CERTIFICATIONS Accounting designation demonstrating an ability to perform financial accounting within the United States is the certified public accountant (CPA) license that allows to enforcing professional accounting standards in the industry. www.homeworkjoy.com

  9. FINANCIAL OBJECTIVE The goals related to returns that a firm will strive to accomplish during the period covered by its financial plan. Financial objectives are different from other objectives like retention objectives, recruitment objectives, etc. www.homeworkjoy.com

  10. OBJECTIVES OF FINANCIAL ACCOUNTING • The recording and controlling of business transactions. • To meet the Law requirements. • To maintain accuracy in the records. www.homeworkjoy.com

  11. To present the final accounts to the business entity shareholders. • To present other financial reports and data via statements. www.homeworkjoy.com

  12. FINANCIAL ACCOUNTANT: DUTIES AND RESPONSIBILITIES • They Gather and monitor financial data of a business firm e.g. sales revenues and liabilities. • They analyze financial trends in the market and coordinate with the business firm to increase their growth. www.homeworkjoy.com

  13. They manage the tax department of an enterprise. • They also reconcile billing vouchers and use software applications to make financial statements public. www.homeworkjoy.com

  14. FINANCIAL ACCOUNTING • They Conduct internal audits such as wage reviews to ensure efficiency in an enterprise. • They prepare the monthly profit and loss, balance sheet reports, cash flow statements, etc. for an organization. LABOR STATISTICS The average salary for a Financial Accountant in the United Statesis$60,827 per year. www.homeworkjoy.com

  15. www.homeworkjoy.com

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