Episode Synopsis "02_Epi_$...Financial Accounting...$"

Hello Listeners Welcome to the 2nd episode of our podcast I hope you all listened to our previous episode if not please do listen to episode 1 about 10 main financial aspect need to obtain immediately. Moving into our today's episode We will discuss Financial accounting So what is financial accounting and why we have to know this? If you are an investor or you are planning to invest your money into the schemes which can generate the wealth. for this, you need to know the fundamentals of financial accounting. In simple terms, we can define financial accounting as a language of business where the activity is recorded and evaluated in financial terms.  that means all your spending and revenue will be recording as a list. if you are very good at this concept about financial accounting trust me you will be good at your career and also if you are a startup this could boost up your confidence and may improve the efficiency and maximize the profits. Not only this with this financial accounting knowledge you can good in your investments and also for tax planning decisions. Now financial accounting is differentiated in three main streams 1. Recording financial transactions. 2. Summarizing the transactions. 3. Reporting the financial position/statement. For these three main streams let us discuss with an example Bank account So if we have a bank account you will deposit your physical money into the bank and converting them into virtual money right. So we started spending the amount with the help of a bank-issued card what bank does it starts recording all your expenses and also summarize your transactions on which particular day how much did you spend. initially, when you created a bank account they will provide a passbook. nowadays everything is in the cloud we get e-statements right. so this e-statement is called financial position/statements. In this example, we have covered all three main streams for quick understanding Recording financial transactions mean as you spend money each transaction will be recorded by our bank right. Summarizing transaction means all get together your history will be reported in the form list like your e-statements. Reporting financial statement: In your e-statement, they will provide complete details about your credit and debit history by this we able to know our financial position. I hope it is clear. Financial Accounting takes a major presence in our daily activities like running a business, NGO, Investments, and also your saving account. I hope you all like the content and also please share your valuable feedback in any of the podcast platforms you are listening to. Also please share our podcast with your friends we have a telegram channel if you want to join please search with our podcast name "fin buzz". Thank you Signing of your host Krishna

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