Hayag Hayag
  • 02-10-2020
  • Business
contestada

what is financial accounting with example

Respuesta :

clicker786
clicker786 clicker786
  • 03-10-2020

Answer:

Financial accounting refers to recording and organizing these transactions into categories in order to prepare financial statements. All financial statements must be recorded in accordance with GAAP ( generally accepted accounting principles). Examples of financial statements include : income statement and balance sheet.

example:

sold a motor vehicle for $10000 and received cash

under non-current assets - motor vehicle decreases by 10000

under current assets - cash increases by 10000

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