Financial Statement Preparation

Summarize financial data taken from an organization's accounting records and publishing in the form of annual (or more frequent) reports for the benefit of people outside the organization. Primary purpose is to address the fundamental need to reduce principal-agent problem by measuring and monitoring agents' performance and reporting the results to interested users.

For Financial accounting
to prepare financial statements for decision makers, such as stockholders, suppliers, banks, employees, government agencies, owners, and other stakeholders.

For Management accounting
to provide accounting information to help them in making decisions to manage the business wherein the primary users are the managers, department heads and other key direct personnel involve in decision making.