Question

Financial Accounting primarily assists in:

• A. Marketing products
• B. Keeping systematic records of financial transactions and preparing financial reports
• C. Managing employee performance
• D. Designing organizational structure

Answer 1

Answer:

B. Keeping systematic records of financial transactions and preparing financial reports

FINANCIAL ACCOUNTING:

• Financial Accounting assist keeping a systematic records of financial transactions the preparation and presentation of financial reports in order to measure organisational success and financial soundness.

• Oldest branch of accounting.

• It involves preparation of financial statement like the Balance sheet, Income statement and Cash flow statement.