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Financial accountancy (or financial accounting) is the field of accountancy concerned with the preparation of financial statements for decision makers, such as stockholders, suppliers, banks, employees, government agencies, owners, and other stakeholders. Financial capital maintenance can be measured in either nominal monetary units or units of constant purchasing power. The fundamental need for financial accounting is to reduce principal-agent problem by measuring and monitoring agents' performance and reporting the results to interested users. Financial accountancy 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.

In short, Financial Accounting is the process of summarizing financial data taken from an organization's accounting records and publishing in the form of annual (or more frequent) reports for the benefit of people outside the organization.

Basic accounting concepts

Financial accountants produce financial statements based on Generally Accepted Accounting Principles of a respective country. In particular cases financial statements must be prepared according to the International Financial Reporting Standards

Financial accounting serves following purposes:


  • producing general purpose financial statements
  • provision of information used by management of a business entity for decision making, planning and performance evaluation
  • for meeting regulatory requirements

Accounting Statements:

Accounting system involves the formal records and original source data. A particular accounting system is to be maintained depending on the regulatory requirements of each kind of company. For example, an insurance company will have different accounting procedures from a bank. Accounting system is the mechanism in a company that generates and interprets financial information. The accounting system comprises all the machines and people that are there involved in accounting information formulation.

In accounting system, all the information relating to accounting is communicated by financial statements and purpose of financial statements is –

1. To report about the financial position of any entity. For example; a company, a not for profit organization, a firm, etc.

2. To show the results of the performance of an entity over a particular period of time normally over an accounting period that is basically from 1st of April to 31st of May.


The Main Financial Accounting Statements:

Financial accounting statements are there to show results of the financial performance of a business over a particular period of time and at a particular period of time and to give a detailed analysis for the result. There are 3 financial statements in particular:

1) The profit and loss account or income statement over a period of time.

2) A balance sheet at the end of the financial year.

3) A cash flow statement for a particular period.


Introduction to business math problems :

Business mathematics is mathematics used by commercial enterprises to record and manage business operations. Commercial organizations use mathematics in accounting, inventory management, marketing, sales forecasting, and financial analysis. The Main categories in business math are

  • Money math
  • Paying taxes
  • Interest
  • Investing
  • Saving
  • Profit and loss   and etc.

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