TAILIEUCHUNG - Introduction to Financial Accounting: Learning Outcome

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 central need for financial accounting is to reduce the various principal-agent problems, by measuring and monitoring the agents' performance and thereafter reporting the results to interested users. Financial accountancy is used to prepare accountancy data for people outside the organisation or for those, who are not involved in the mundane administration of the company. Management accounting, provides accounting information. | Unit 1 Introduction to Financial Accounting Learning Outcome After reading this unit you will be able to Explain succinctly financial accounting concepts Elucidate on different principles of financial accounting Explicate the importance and scope of financial accounting Understand Generally Accepted Accounting Principles GAAP Identify limitations of Financial Accounting Time Required to Complete the unit 1. 1st Reading It will need 3 Hrs for reading a unit 2. 2nd Reading with understanding It will need 4 Hrs for reading and understanding a unit 3. Self Assessment It will need 3 Hrs for reading and understanding a unit 4. Assignment It will need 2 Hrs for completing an assignment 5. Revision and Further Reading It is a continuous process 1 1 Content Map Introduction Role of Financial Accounting Principles of Financial Accounting Importance of Financial Accounting Benefits of Financial Accounting Limitations of Financial Accounting Accounting for Managers 1 Accounting Principles Accounting Concepts and Conventions Accounting Standards in India and International Accounting Standards Summary Self-Assessment Test Further Reading 2 Accounting for Managers Introduction 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 central need for financial accounting is to reduce the various principal-agent problems by measuring and monitoring the agents performance and thereafter reporting the results to interested users. Financial accountancy is used to prepare accountancy data for people outside the organisation or for those who are not involved in the mundane administration of the company. Management accounting .

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