Zamzam Abdelazim

Accounting for managers

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  • Zamzam Abdelazim

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Financial accounting can be viewed as the process through which businesses record, summarize, and report their business transactions over a specified time (Yu, Lin, and Tang, 2018). Financial accounting aims to keep track of all business transactions that the business has engaged in over a specified time. Financial accounting also provides a snapshot of the financial health of the business entity. Financial accounting is crucial due to various factors. First, financial accounting ensures that proper financial statements are preferred in line with accepted accounting standards (Mita et al., 2018). Secondly, financial accounting ensures that the managers make crucial financial decisions in line with the financial statements. Financial accounting is also carried out to ensure that a business complies with the set taxation laws. Financial accounting is also crucial when valuing the business for significant events like merging and sale of the business (Homburg, Theel, and Hohenberg, 2020). Financial accounting can also provide evidence in case of legal suit and also provides crucial information to external and internal users of financial information.

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