The Financial Accounting ( GL ) is a portion of the operating accounting .
Content of financial accounting
All company-related processes that can be expressed in numerical values are recorded objectively and chronologically, booked to accounts and documented using the accounting methods . At the end of an accounting period (month, quarter, year) the accounts are closed and a balance sheet as well as an income statement (P&L) are drawn up, which prove the profit or loss of the company to internal and external bodies. Financial accounting is required by law for certain types of companies .
The bookkeeping of a company must be kept transparent and, if requested by the tax authorities, be able to be presented even years later. There are also tax audits at irregular intervals . Since the collection and evaluation of the data is now done by EDP , controls are carried out within the programs and also outside by exporting the bookings and importing them into control programs.
Differences between financial accounting and cost and performance accounting
|Financial accounting||Cost and performance accounting|
|target||Financial accounting determines the overall result of the company.||Statements about the profitability of the company can be made in the cost and performance accounting.|
|Arithmetic||In financial accounting, all expenses and income for determining the company's results are recorded in the income statement (profit and loss).||The cost and performance accounting determines which services are provided by the company and which costs are caused by these services, where the costs were incurred and to which services they can be allocated.|
- International Financial Reporting Standards
- International Accounting Standards Board
- Accounting standard
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