The purpose of financial accounting is to report the financial performance of the company. Its main focus is on external reporting to a number of groups viz.



Owners (shareholders)


Loan creditors (banks)


Trade creditors (suppliers)


Sundry creditors (suppliers of services )


Government agencies (tax authorities )


Employees (trade unions )


A set of financial statements – a profit and loss account, a balance sheet and a cash flow statement are prepared and published.


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