Financial accounting is a deep-rooted subject and has endless effects on monetary decision-making to its management. But it is slightly different from core accounting when it comes to the coursework. Accounting deals with recording, analyzing, and interpretation of financial data in a more generalized pattern whereas the scope of financial accounting is more specific.
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Accounting helps to prepare summarized reports of the internal and external proceedings of an organization. It also helps to meet the immediate monitoring and reporting needs of a company. On the contrary, financial accounting emphasizes on framing financial statements for a particular group with limited members.
There are numerous terminologies that a student pursuing financial accounting must be accustomed in order to grasp the subject. Contexts like the wiley plus financial accounting chapter 2 answers comprise of some of those vital phrases that must be known to every student.
Fundamental terms related to financial accounting
Financial accounting helps to identify feasible investments and keeps track on the expenditure on the basis of the business taking place. There are certain factors which work in close relation to the basic functions of financial accounting. They are-
A financial data which can either add up to the increase in the assets of a company or a possible decrease in its liabilities is known as debit.
Credits are entries that operate in an exactly opposite direction as that of the debit in order to balance them. It increases the equity or liabilities of a firm and decreases the assets.
This system of recording financial transaction has a significant effect on two or more accounts. Every entry in a double-entry system maintains the relationship between assets, liabilities, and equity.
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