What do you mean by financial accounting? Explain it\'s one main funct

1.	What do you mean by financial accounting? Explain it\'s one main function
Answer» Financial accounting- is that branch of accounting which is concerned with recording of business transaction which is financial in nature in a systematic order.Its main one function is that it helps in ascertaining the profit earned or loss incurred during a particular accounting period and it also helps in determining the financial position of business.<br>Financial accounting is the field of accounting concerned with the summary, analysis and reporting of financial transactions pertaining to a business. This involves the preparation of financial statements available for public consumption.\xa0

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