What is the main purpose of financial accounting?


What is the main purpose of financial accounting?


Accounting refers to a process of having a summary of all the day to day operations of the business. It helps the managers or executives in taking decisions effectively and efficiently. Three branches of accounting are cost accounting, management accounting and financial accounting.

Answer and Explanation: 1

Become a Study.com member to unlock this answer!

View this answer

The main purpose of financial accounting is to record each and every business transaction of an organization in a chronological order and disclose the...

See full answer below.

Learn more about this topic:

Accounting Cycle: Definition, Steps & Process


Chapter 1 / Lesson 23

Learn about the accounting cycle. Understand what the accounting cycle is, learn the purpose of the accounting cycle, and identify the accounting cycle steps.

Related to this Question

Explore our homework questions and answers library