What is the end product of a financial accounting?

Expert Solution

The end product of Financial Accounting are shown below:

Income statement: Trading and Profit and Loss Account is part of the income statement, it determines the financial position of business based on gross/net loss or profit.

Balance Sheet: Balance sheet is helpful in presenting the exact financial position of the business. It provides information about the assets and the liabilities in a business to users of the business information.

The end product of financial accounting are Trading account, Profit and loss account and Balance sheet.

Rajan kumar gupta answered 3 years ago

Compare and contrast managerial accounting to financial accounting concerning who are the end users of the...

Compare and contrast managerial accounting to financial accounting concerning who are the end users of the information, timeliness and accuracy of information, types of data contained in reports, and relevance. How will you use this in your career?There are three costs of a finished product; raw materials, direct labor and factory overhead. How do they flow through the manufacturing process and finally get assigned to the product? Compare and contrast product costs with period expenses.

Compare and contrast managerial accounting to financial accounting concerning who are the end users of the...

Compare and contrast managerial accounting to financial accounting concerning who are the end users of the information, timeliness and accuracy of information, types of data contained in reports, and relevance. How will you use this in your career?There are three costs of a finished product; raw materials, direct labor and factory overhead. How do they flow through the manufacturing process and finally get assigned to the product? Compare and contrast product costs with period expenses.

How does product costing used in financial accounting differ from product costing used in managerial accounting?

1)what is accounting 2) What is difference between financial accounting and cost accounting 3) What are...

1)what is accounting 2) What is difference between financial accounting and cost accounting 3) What are the parts of financial statement 4) what is the difference between income statement and balance sheet 5 ) sales 100,000 cost of goods sold 50,000 operating exp 10,000 ( compute net income for the company 6) sales return 10,000 sales discount 25,000 net sales 200,000 ( compute the gross sales ) 7 ) beginning inventory 10,000 total cost of purchases 200,000 ending inventory 50,000...

What are the main differences in the role of financial accounting and managerial accounting?

1. What is the difference between Managerial Accounting and Financial Accounting and to what parties can...

1. What is the difference between Managerial Accounting and Financial Accounting and to what parties can each be provided to for their use? 2. Under what circumstances can Job Costing be used effectively to determine the resources used to produce the item sold and the profitability associated with it. 3. Can Job costing be used in the service industry as it is in the manufacturing industry? Provide examples of both if they can be. \ 4. Why does management track...

Criticisms of accounting: Many items in the financial statements are the product of historical costs. Similarly,...

Criticisms of accounting: Many items in the financial statements are the product of historical costs. Similarly, many items on the income statement and balance sheet are a function of management estimates. Please identify items on the balance sheet that are valued at their historical cost, fair value, or another accounting method, and explain the impact on the overall balance sheet and income statement. You should include in your consideration the implications for investors of the method that is represented by...

How do financial and managerial accounting differ? What do financial and managerial accounting have in common?

What is the relationship of financial management to accounting and economics?

What is the relationship of financial management to accounting and economics? Kindly explain and further elaborate.

Question

What is the end product of a financial accounting?

Solutions

Expert Solution

Related Solutions

Compare and contrast managerial accounting to financial accounting concerning who are the end users of the...

Compare and contrast managerial accounting to financial accounting concerning who are the end users of the...

How does product costing used in financial accounting differ from product costing used in managerial accounting?

1)what is accounting 2) What is difference between financial accounting and cost accounting 3) What are...

What are the main differences in the role of financial accounting and managerial accounting?

What are the main differences in the role of financial accounting and managerial accounting?

1. What is the difference between Managerial Accounting and Financial Accounting and to what parties can...

Criticisms of accounting: Many items in the financial statements are the product of historical costs. Similarly,...

How do financial and managerial accounting differ? What do financial and managerial accounting have in common?

What is the relationship of financial management to accounting and economics?