Regarding Financial Accounting Fundamentals

In summary, the person was questioning whether they were posting their questions in the correct category on the Physics Forum. They were reassured that it was not the wrong category, but that there may not be many members with knowledge on the topic. The person was also told that their question will be looked at in a different thread.
  • #1
alexandria
169
2
Hello,
I was told that I could post questions related to Financial Accounting Fundamentals on the Pre-calculas Math section of Physics Forum. But everytime I post questions related to this topic, I don't get any replies or help. Am I posting in the wrong category??
 
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  • #2
alexandria said:
Hello,
I was told that I could post questions related to Financial Accounting Fundamentals on the Pre-calculas Math section of Physics Forum. But everytime I post questions related to this topic, I don't get any replies or help. Am I posting in the wrong category??
No. It's just more likely that only a few members here (if at all) have any knowledge about the issue.
As I at least have worked with FA people I may try to answer your questions. Go ahead.
Here?
 
  • #3
Thank you for the reply :)
Should I re-post my question on this thread, so you can help me with it?
 
  • #4
alexandria said:
Thank you for the reply :)
Should I re-post my question on this thread, so you can help me with it?
No, please don't. I'll have a look on it in the other thread. I only wanted to make sure it's still on wait.
 

What is financial accounting?

Financial accounting is the process of recording, summarizing, and reporting a company's financial transactions and performance to external stakeholders such as investors, creditors, and regulatory agencies.

Why is financial accounting important?

Financial accounting is important because it provides an accurate and transparent picture of a company's financial health and performance. This information is crucial for making informed business decisions and for maintaining the trust of external stakeholders.

What are the basic principles of financial accounting?

The basic principles of financial accounting include the accrual principle, the revenue recognition principle, the matching principle, the cost principle, and the full disclosure principle. These principles ensure that financial statements accurately reflect a company's financial position and performance.

What are the key financial statements in financial accounting?

The key financial statements in financial accounting are the balance sheet, income statement, statement of cash flows, and statement of changes in equity. The balance sheet shows a company's assets, liabilities, and equity at a specific point in time. The income statement shows a company's revenues and expenses over a period of time. The statement of cash flows shows the inflow and outflow of cash during a period of time. The statement of changes in equity shows the changes in a company's equity over a period of time.

How does financial accounting differ from managerial accounting?

Financial accounting focuses on providing information to external stakeholders, while managerial accounting focuses on providing information to internal stakeholders, such as managers and employees, to help with decision-making and performance evaluation. Financial accounting follows generally accepted accounting principles (GAAP), while managerial accounting may use different methods and techniques tailored to the specific needs of a company.

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