Financial accounting is a branch of accounting focused on recording, summarizing, and reporting the transactions from business operations over a period of time to present an accurate picture of a company’s financial position. These transactions are summarized into financial statements, such as the balance sheet, income statement, and cash flow statement, that show a company’s performance and financial health. Unlike managerial accounting, which is used internally to guide decisions, financial accounting follows standards like generally accepted accounting principles (GAAP) or International Financial Reporting Standards (IFRS) to ensure consistency and reliability.
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