What is financial accounting?

Question

And where can i find some sample questions and/or free tutoring for my up coming financial accounting class?

Answer 1

Financial accountancy (or financial accounting) is the branch of accountancy concerned with the preparation of financial statements for external decision makers, such as stockholders, suppliers, banks and government agencies. The fundamental need for financial accounting is to reduce principal-agent problem by measuring and monitoring agents' performance.

The accounting equation (Assets = Liabilities + Owners' Equity) and financial statements are the main topics of financial accounting.

A financial accountant must equal assets with liabilities and owner’s equity. The balance sheet (or the statement of financial position) is the financial statement that summarizes the assets, liabilities, and owners’ equity of the company.

Answer 2

Many companies develop operating budgets for their operations. These budgets contain historical information based on a company’s financial accounts. Budgets are usually created by reviewing historical information from various financial accounts and attempting to forecast whether these numbers will decrease, stay the same or increase in future operations. Budgets create a financial road map that companies can use when making business decisions.

Answer 3

financial accounting has to do with investments and banking.

Financial Accounting (Hardcover)
by Jerry J. Weygandt, Donald E. Kieso,

Financial Accounting, Study Guide by Jerry J. Weygandt
Financial Accounting, Working Papers by Jerry J. Weygandt
Financial Accounting, Solving Financial Accounting Problems Using Lotus 1-2-3 and Excel for Windows by Jerry J. Weygandt
Managerial Accounting: Tools for Business Decision Making, WebCT, Second Edition by Jerry J. Weygandt
Managerial Accounting, 11th Edition by Ray H Garrison
Get the Study Guide designed to ensure your success in Financial Accounting! This study guide is a powerful tool for in classroom use and for preparing for exams. Each chapter of the guide includes study objectives, a chapter review consisting of 20-30 key points, and a demonstration problem linked to study objectives in the textbook. True/false, multiple-choice, and matching questions provide additional practice opportunities. Solutions to the exercises are detailed and therefore provide substantial feedback.

Answer 4

Financial accounting is primarily concerned with the recording and reporting of economic data and activities for a business. Although such reports are useful for managers, they are the primary reports for owners, creditors, governmental agencies, and the public.

Try http://warren.swlearning.com... the website came with my accounting book (my book is the 8th edition). I haven't been on it personally, so I don't know if you have to register or not.

Answer 5

Financial accounting provides information that is designed to satisfy the needs of external users. Such reporting is usually done in the form of financial statements.

http://simplestudies.com/introduction-to-accounting.html