Financial Accounting: An Introduction

Financial accounting is a branch of accounting which focuses on generation of financial statements with an objective of recording, summarizing and reporting the transactions of a business. These statements include cash flow statement, income statement and balance sheet. The Income Statement of a company is its net income for a certain period of time. It is the total revenue of a company minus its total expenses. Balance sheet shows what a company owns and owes in forms of assets and liabili...