Financial Accounting

The production of financial statements for use by outside parties is under the purview of financial accounting. These financial statements are meant to tell a company’s stakeholders about its financial situation and performance. Investors, creditors, suppliers, customers, employees, and the government are some of the stakeholders. According to generally accepted accounting principles (GAAP) or international … Read more

A corporation releases an extensive report known as an annual report at the conclusion of each fiscal year. It gives owners, stakeholders, and other interested parties a thorough rundown of the business’s yearly financial results. The report contains various financial statements, which are the main tools used to inform the public about the financial performance … Read more

What comes first income statement or balance sheet? The financial statement prepared first is your income statement. As you know by now, the income statement breaks down all of your company’s revenues and expenses. You need your income statement first because it gives you the necessary information to generate other financial statements. Read more on … Read more