What is the role of financial accounting?
Accounting provides information to users of the organization. Users can be external to the organization or internal to the organization. Transactions are entered into the accounting system by posting journal entries to the general ledger.
Answer and Explanation: 1
The role of financial accounting is to provide information to external users of the organization. External users are those who are not involved in...
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fromChapter 12 / Lesson 1
Financial accounting focuses on summarizing an organization's financial records to provide stakeholders with useful information. Explore the role of financial accounting in management and decision-making for both external and internal users.