Financial Accounting:
Financial accounting in the original form of accounting, which is basically confined to the preparation of financial statements for the external users.It refers to information describing the financial resources, obligations, and activities of an economic entity, whether it is an organization or an individual entity.Conventionally, accountants use the term financial position to describe an entity s financial resources and obligations at one point in time or given data, and the term results of operations to describe or portray the entity s financial activities during the year a part of year.Moreover, many other decision makers also make a fundamental use of financial accounting information.