financial accounting

Definitions

Accounting

  • noun the form of accounting in which financial reports are produced to provide investors or other external parties with information on a company’s financial status.
  • noun the process of classifying and recording a company’s transactions and presenting them in the form of profit and loss accounts, balance sheets and cash flow statements for a given accounting period

Economics

  • noun the recording of financial transactions in monetary terms according to accounting standards and legal requirements
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