The preparation of financial statements for people outside the firm (creditors, unions, suppliers, and others) is the goal of financial accounting.
This is further explained below.
Generally, The branch of accounting known as financial accounting is concerned with the summarization, analysis, and reporting of financial transactions that are tied to a company or organization. This requires the creation of public financial statements that are accessible to the general public.
In conclusion, The objective of financial accounting is the creation of financial accounts for users who are not affiliated with the business. These users include creditors, unions, and suppliers, amongst others.
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