FINANCIAL ACCOUNTING

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Focusing on the principles of financial accounting, this book explores the systematic tracking of financial transactions within a company. It details the two primary methods—cash and accrual—both grounded in double-entry accounting. The text emphasizes the creation of general-purpose financial statements, aiding management in decision-making and regulatory compliance. Additionally, it distinguishes between accounting and finance, highlighting accounting's role in daily monetary management versus finance's broader asset and liability oversight.