financial accounting

financial accounting has been characterized as " the branch of accounting that focuses on the general-purpose reported on financial position and results of operations known as financial statements. "these statements provide "a continual history quantified in money terms of economic resources and obligations of a business enterprise and of economic activities that change these resources and obligations "financial accounting is the process that culminates in the preparation of financial reports relative to the enterprise as a whole for use by PARTIES both internal and external to the enterprise. In contrast, managerial accounting is the process of identification, measurement, accumulation, analysis,preparation, interpretation, and communication of financial information used by management to plan, evaluate, and control within an organization and to assure appropriate use of, and accountability for,its resources.