Financial Accounting Exam 2018

PASS YOUR EXAM IN THE FIRST TRY WITH THE FOLLOWING REASONS:

+) BREAK hundreds of practice questions and flashcards INTO small sets

+) MASTER each study set effortlessly by many scientific proven methods: Multiple Choice, True/False, Matching, etc

+) TRACK your progress on every practice test and exam topic: MEASURE your weakest and strongest categories

+) SEPARATE hardest questions and cards into one group to study more effectively

+) CHALLENGE yourself by EXAM SIMULATOR with timebox and an intelligent grading system

Get the FREE app now to access:

+) Hundreds of free practice questions and flashcards

+) 5 Free Exam Builder with detailed explanation and history

+) Learn more efficiently with the Matching Game

Unlock the Premium Version to get access to:

*) ALL the Exam Questions

*) Hundreds of flashcards

*) Lifetime access to the Exam Builder

*) Lifetime support and updates

Financial accounting (or financial accountancy) 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. Stockholders, suppliers, banks, employees, government agencies, business owners, and other stakeholders are examples of people interested in receiving such information for decision making purposes.

Financial accountancy is governed by both local and international accounting standards. Generally Accepted Accounting Principles (GAAP) is the standard framework of guidelines for financial accounting used in any given jurisdiction. It includes the standards, conventions and rules that accountants follow in recording and summarizing and in the preparation of financial statements. On the other hand, International Financial Reporting Standards (IFRS) is a set of international accounting standards stating how particular types of transactions and other events should be reported in financial statements. IFRS are issued by the International Accounting Standards Board (IASB). With IFRS becoming more widespread on the international scene, consistency in financial reporting has become more prevalent between global organisations.

While financial accounting is used to prepare accounting information for people outside the organization or not involved in the day-to-day running of the company, management accounting provides accounting information to help managers make decisions to manage the business.

International Financial Reporting Standards (IFRS) are designed as a common global language for business affairs so that company accounts are understandable and comparable across international boundaries.

International Accounting Standards (IAS), while standards issued by IASB are called IFRS. IAS were issued between 1973 and 2001 by the Board of the International Accounting Standards Committee (IASC).

Disclaimer:

This applications just is an excellent tool for self study and exam preparation. It's not affiliated with or endorsed by any testing organization, certificate, test name or trademark.