WHAT’S SO INTERESTING ABOUT FINANCIAL ACCOUNTING?

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FINANCIAL ACCOUNTING
Financial accounting involves working with a
company's financial records to ensure that
they're properly maintained and classified.
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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 firms growth
and development.
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FINANCIAL STATEMENTS
They are termed as the written records that
convey the business activities and the financial
performance of a company.
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There are four types of financial statements -

1. Income Statement
2. Cash Flow Statement
3. Balance Sheet
4. Statement of Shareholders Equity

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FINANCIAL REPORTING
It is termed as the disclosure of financial
results and related information to management and
external stakeholders.
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It occurs through the use of financial statements
like Revenues and expenses are accounted for and
reported on the income statement, etc.
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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.
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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.
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OBJECTIVES OF FINANCIAL ACCOUNTING

1. The recording and controlling of business
   transactions.
2. To meet the Law requirements.
3. To maintain accuracy in the records.

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1. To present the final accounts to the business
   entity shareholders.
2. To present other financial reports and data via
   statements.

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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.

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• They manage the tax department of an enterprise.

• They also reconcile billing vouchers and use
  software applications to make financial
  statements public.

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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.
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