The primary purpose of financial accounting is to provide accurate and standardized financial information that aids in decision-making for stakeholders. It ensures transparency and consistency in reporting, enabling businesses to analyze their performance, manage resources efficiently, and meet statutory requirements. By focusing on the purpose of

Preparing financial statements is an essential process for any business, providing a clear picture of financial performance and stability. Statements such as the balance sheet, income statement, and cash flow statement allow business owners and stakeholders to make informed decisions. Accurate preparation involves adhering to regulatory standards a