Financial accounting is considered the first branch of accounting to appear, as it is considered one of the basics of work in the field of accounting, from which all other accounting branches branch out.
Financial accounting is concerned with conducting the analysis, recording, tabulation and classification of the financial operations that occur within the company during the accounting period between the company and other institutions, in addition to preparing the financial statements in accordance with the approved accounting measurement standards in a manner that is commensurate with accounting in general.
Financial reports aim to provide financial information on the results of the company's business, as well as the company's financial position, in addition to protecting the company's assets, providing profit measurement services, and identifying economic units.
Financial accounting uses generally accepted accounting principles to apply and implement the accounting cycle and to achieve the accounting functions and objectives required of them.