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.
Advertisement
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.
Advertisement
The following two tabs change content below.
We, at BMS.co.in, believe in sharing knowledge and giving quality information to our BMS students. We are here to provide and update you with every details required by you BMSites!
If you want to join us, please mail to [email protected]
