End products of financial accounting can be summed in the form of financial statements. It maintains a formal record of all the financial activities that are done by a firm, an individual or an organisation for that matter. It has the ability to describe the financial health of the entities that have been mentioned. There are basically four types of accounting financial statements used by different organisations for different purposes. Accounting financial statements are of use to those organisations which contain a substantial degree of knowledge of the business, economic and accounting activities and have a willingness to study the same for their respective purposes either financially or academically. Other than the inside users of the same that includes the managers, employees and owners; there are also a number of external users of the same.

Saket Kumar

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