ABOUT FINANCIAL ACCOUNTING
The subject of financial accounting involves recording, classifying and summarizing financial transactions of an enterprise in monetary terms. It also involves further analysis and interpretation of the results. The various aspects include identification of financial transactions, recording them, classification under relevant heads and summarizing the transactional data. The analyzed and interpreted results are then presented so as to draw information pertaining to decision making and policies of the organization. Few examples of financial transaction record keeping include details of sales of goods, payment of taxes, purchase and sale of assets, purchase of goods for resale, or raw materials for manufacturing and much more.
The applications of Financial Accounting are manifold. These include the following:
- Financial Accounting helps the management to keep a check on profitability and performance of the organization.
- Financial Accounting forms the basis of forecasting.
- Financial Accounting helps to analyze the current shortcomings of the organization, so as to make plans and policies to overcome them.
- Financial Accounting forms the basis of computation of an organization.
As against cost accounting which is normally used extensively within the organization, financial accounting is generally for the users external to the organization. The results obtained by financial accounting are normally used by stakeholders of the organization. This information is used by them to analyze the overall performance of the business. This helps them to take informed decisions so as to improve the performance of the business, effective management and forecasting at the same time.
The various external users of financial accounting information of the organization include the following:
- SHAREHOLDERS: The shareholders and investors use financial accounting information to assess the overall performance and functioning of the organization. This ensures them of the safety of their investment.
- CUSTOMERS: The clients want to be assured of the quality of goods and services being provided by the organization. This is why they keep a check on information pertaining to financial accounting which hints them about the overall performance.
- GOVERNMENT AUTHORITIES: The financial accounting results of an organization ensure compliance to the applicable laws. The government taxation authorities make sure that the tax liabilities are being fulfilled by the organization.
- LENDERS: The lenders want to keep a check on the profitability and operational efficiency of the organization, so that they get their interest payments and repayments on time.
- SUPPLIERS: The suppliers want to make sure of financial liquidity of the company, so as to assess their capacity to make timely payments.
- EMPLOYEES: The employees want to get salaries, perks and bonuses. This is why they want sound financial performance of the company. This in turn gives them a sense of job security.
- COMPETITORS: They keep a check on financial accounting parameters of an organization (who is their competitor) so that it helps them frame an appropriate strategy to face competition in the market.
- INVESTMENT ANALYSTS: They are interested to study financial accounting of a business so as to determine investment potentials in the organization (on the basis of past and present performance).
Financial Accounting also faces certain limitations. These are mentioned below:
- Financial accounting excludes non-monetary aspects of a business and takes into consideration only the monetary aspects.
- Financial accounting is based on past performance records and therefore has limited applications in forecasting. These are not adjusted as per changes in foreign exchange rate or as per inflation.
- Financial accounting does not help in setting up a control mechanism for performance evaluation of individuals in an organization.
- Various assumptions are made by the accountant to prepare financial accounting records. This might involve personal bias.
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