Financial accounting is the branch that focuses on the preparation of financial statements. It deals with historical information, turning them into readable reports for different users – the owners, investors, creditors, etc.
As opposed to managerial accounting, financial accounting requires strict compliance with generally accepted accounting principles (GAAP). The reports in financial accounting are primarily for external users but can also be for internal use.
Financial accounting focuses on the application of the accounting principles in treating different situations. In this section, you will find financial accounting lessons and tutorials that will help you build and solidify your skills in the said field.