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.
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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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