Financial Accounting Definition

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Definition Of Financial Accounting:

Field of accounting that treats money as a means of measuring economic performance instead of (as in cost accounting) as a factor of production.
It encompasses the entire system of monitoring and control of money as it flows in and out of the firm as assets and liabilities, and revenues and expenses. Financial accounting gathers and summarizes financial data to prepare financial reports such as balance sheet and income statement for the firm's management, investors, lenders, suppliers, tax authorities, and other stakeholders.Other definition of Financial Accounting- Reporting of the financial position and performance of a firm through financial statements issued to external users on a periodic basis.The key difference between financial and managerial accounting is that financial accounting is aimed at providing information to parties outside the organization, whereas managerial accounting information is aimed at helping managers within the organization make decisions.

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