Records pertaining to banks, travel, and entertainment may be found in the financial accounting section of the accounting system.
As Financial accounting is a particular discipline of accounting that deals with the process of documenting, compiling, and presenting the numerous transactions occurring from corporate operations throughout time.
Advantages of Financial accounting:
The field of Financial accounting combines art and science. Accounting is the art of accurately documenting, categorizing, and summarizing financial activities in relation to money.
- Aids in keepinging business records.
- Fraud detection and prevention.
- True financial position at the moment.
- Assists in the creation of financial statements.
- Helps in comparison of the outcomes
- Serves as evidence in court.
- Helps the management with different facts in order to make managerial judgments.
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The legal remedies differ for the obligee in the event of a breach of contract of the promise arrived at through accord and satisfaction vs. the promise arrived at through novation as accord and satisfaction allows the obligee to sue for performance of the original contract, while novation does not.
An accord and satisfaction is a legal contract.
In this two parties agree to a claim, contract, or other liability for an amount that is different from the original.
Novation refers to the process wherein an existing contract is replaced with a replacement contract, where the contracting parties reach a consensus.
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