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Financial accounting is a specialized branch of accounting that keeps track of a company’s financial transactions. Using standardized guidelines, the transactions are recorded, summarized and presented in a financial report or financial statement such as an income statement or a balance sheet. The two types - or methods - of financial accounting are cash and accrual. Although they’re distinct, both methods rely on the same conceptual framework of double-entry accounting to record, analyze and report data transnational at the end of a given period - such as a month, quarter or fiscal year. Financial accounting serve the following purposes: producing general purpose financial statements. producing information used by the management of a business entity for decision making, planning and performance evaluation. producing financial statements for meeting regulatory requirements. The difference between finance and accounting is that accounting focuses on the day-to-day flow of money in and out of a company or institution, whereas finance is a broader term for the management of assets and liabilities and the planning of future growth. Accounting is the bookkeeping method involved.
