DEFINITION OF FINANCIAL ACCOUNTING

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Financial accounting is a field of accounting that treats money as a means of measuring economic performance instead of as a factor of production. It encompasses the entire system of monitoring and control of money as it flows in and out of an organization as assets and liabilities, and revenues and expenses. It gathers and summarizes financial data to prepare financial reports such as balance sheets and income statements for the organization's management, investors, lenders, suppliers, tax authorities, and other stakeholders.

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