<Tr> <Td> <Ul> <Li> </Li> <Li> </Li> <Li> </Li> </Ul> </Td> </Tr> <Ul> <Li> </Li> <Li> </Li> <Li> </Li> </Ul> <P> Financial accounting (or financial accountancy) is the field of accounting concerned with the summary, analysis and reporting of financial transactions pertaining to a business . This involves the preparation of financial statements available for public consumption . Stockholders, suppliers, banks, employees, government agencies, business owners, and other stakeholders are examples of people interested in receiving such information for decision making purposes . </P> <P> Financial accountancy is governed by both local and international accounting standards . Generally Accepted Accounting Principles (GAAP) is the standard framework of guidelines for financial accounting used in any given jurisdiction . It includes the standards, conventions and rules that accountants follow in recording and summarizing and in the preparation of financial statements . </P>

What are the basic concept of financial accounting