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Financial Accounting is concerned with the preparation of financial statements for the efficient decision makers, such as stockholders, banks, suppliers, government agencies, owners, and other stakeholders. And thus, financial capital maintenance is measured in nominal monetary units. The most crucial need for Financial Accounting is to reduce petty problems by measuring and monitoring agents’ performance and accounting the results to interested users. Financial Accounting can also be termed as the process of summarizing financial data taken from an organization’s accounting records and furthermore publishing them in the form of annual reports for the benefit of people outside the organization.
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How-to tips
Objective behind any research is to fill a gap in the body of knowledge that already exists in the field of your study.