Financial accounting is a specific branch of accounting involving a process of recording, summarizing, and reporting the myriad of transactions resulting from business operations over a period of time.
These transactions are summarized in the preparation of financial statements—including the balance sheet, income statement, and cash flow statement—that record a company’s operating performance over a specified period.
Work opportunities for a financial accountant can be found in both the public and private sectors. A financial accountant’s duties may differ from those of an accountant who works for many clients preparing their accounts, tax returns, and possibly auditing other companies.
