Financial accounting refers to the field of accounting that provides economic and financial information for investors, creditors, and other external users. The information needs of external users vary considerably.
It is a section of the balance of payments accounts. Under the revised format of the International Monetary Fund, the financial account measures long-term financial flows including direct foreign investment, portfolio investments, and other long-term movements. Under the traditional definition, still used by many countries, items in the financial account were included in the capital account.
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When a transaction has been recorded but has been wrongly entered in the books of original entry or in the ledger, error of
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Current replacement cost means the current cost to replace an inventory item. Companies apply LCM to the items in inventory after they have used one of the cost flow methods...
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When preferred stock, is cumulative, preferred dividends not declared in a given period are called dividend in arrears.
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Discounted operations refer to the disposal of a significant component of a business. Examples involve stopping an entire activity or eliminating a major class of customers.
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