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Financial Accounting Tutoring Services: A+ Grades & On-Time Submission

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What is financial Accounting?

Financial accounting is one of the branches of accounting which is widely adopted by different businesses, firms, and companies. The primary objective of financial accounting is to record, summarize, and report different transactions of a firm or company related to its business specifically in the form of financial statements. 

The purpose of financial statements is to provide the proper information and knowledge regarding the financial conditions of a particular business. Including the different shareholders, internal and external parties also review the financial statements in order to know the financial stability of the firm before investing in a business.

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Methods of Financial Accounting

Financial accounting involves two major approaches to recording different business-related transactions:

Accrual Accounting

In this, both cash and credit-based business transactions are recorded.

Cash Accounting

This is quite a simple method, cash-based transactions are only recorded.

Major Financial Statements

There are four major financial statements that are presented by companies in the annual report of a business.

The Balance Sheet

The purpose of the balance sheet is to provide information regarding a company’s liabilities, assets, and owner’s equity.

The Income Statement:

The purpose of the income statement is to provide information regarding profit or loss, revenue, and expenses.

The Cash Flow Statement:

The purpose of the cash flow statement is to provide information regarding investing activities, operating activities, and financing activities.

Statement of Retained Earnings:

The purpose of the retained earnings statement is to provide information on changes in the owner’s equity.

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You and the tutor will have the opportunity to study a variety of finance topics in a structured learning environment. It is important that you become proficient in these topics as it will prepare you for finance-related exams and job interviews.

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