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Financial Accounting

The study of financial accounting will help one to learn how to prepare and read financial statements, prepared, adhering to numerous statutory requirements and the standards laid. professional and statutory requirements. Every common man, during their working life, irrespective of whether one is working as an accountant or not, should learn how to read financial statements to make financial decisions. Also, the one, who is choosing to account as a career will better perform in his capacity by understanding the accounting practices better.

Financial accounting, in common man’s language, will help to learn- how the various financial transactions should be measured and recorded, how can the accounting information motivate the decision-makers, how and why any particular method of accounting is preferred, accounting methods followed in different types of organization, etc.

So, financial accounting is the process of the first recording and then summarizing and reporting the financial events or transactions from a business, so as to give an accurate picture of its financial performance and the position. The basic function of financial accounting is the preparation of financial statements, which includes the balance sheet as on date of the end of the accounting period, income statement and cash flow statement for the accounting period. These statements are used by ‘internal and external users’, who have interests in the financial performance of the business. In other words, financial accounting is that part of accountancy that prepares the financial statements for users like stockholders, managers, banks, employees and even suppliers, etc. There are local and international standards that govern financial accountancy.


The main functions of financial accounting are:

Recording financial transactions: financial events like a collection of money from sales, payments made for purchases or salaries or money earned as dividends, etc.

Assists the managers to manage the business: Financial accounting does so by preparing financial information regularly. e.g. monthly accounts showing sales, costs, and profits, comparing costs against budgets, forecasting cash inflows and outflows.

Information to external users: By preparing Trading and P/L A/c, it informs the shareholders about their investment, suppliers about the trade credit, to bankers about repayment of loans.

Sales ledger, Purchase ledger, Cash and Bank book, General Ledger are the records maintained by the financial accounting

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