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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