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Financial accounting refers to the preparation of accounts statements for decision makers in an organization like stake holders, government agencies, and banks.
Financial capital can be worked out either with minimum monetary units or constant purchasing power units. The basic requirement for financial accounting is to lessen principal agent problem by calculating and monitoring agents’ performance and due reporting the outputs to interested users.
In addition, it can also be applied to expose information to the consumers who are not directly involved in the day-to-day operation of the company.
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