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LSDefine

Simple English definitions for legal terms

financial accounting

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A quick definition of financial accounting:

Financial accounting is the process of keeping track of all the money that comes in and goes out of a business. This includes recording transactions and summarizing them to create financial records. These records help businesses understand how much money they have, how much they owe, and how much they are making. Financial accounting can also refer to a report of all the money and property that someone has, which is given to heirs or the court. It can also be used in legal actions to recover money owed or settle partnership affairs.

A more thorough explanation:

Financial accounting is the process of recording and summarizing financial transactions of a business to produce a set of financial records. This includes establishing and settling financial accounts, recording transactions, and periodically extracting, sorting, and summarizing the recorded transactions.

Examples of financial accounting include:

  • Preparing financial statements such as balance sheets, income statements, and cash flow statements
  • Recording transactions such as sales, purchases, and expenses
  • Calculating and reporting taxes owed

These examples illustrate how financial accounting is used to keep track of a business's financial health and to provide information to stakeholders such as investors, creditors, and government agencies.

finance officer | Financial Accounting Standards Board

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General

General chat about the legal profession.
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got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
WorthlessAttractiveZombie
7:44
My berkeley paragraph finally disappeared. I definitely think it is just an indicator that they are actively reviewing files, and does not mean anything about A, WL, or Rs
WorthlessAttractiveZombie
7:46
Also has anyone's date disappeared for W&L? Mine did last night
7:55
@WorthlessAttractiveZombie: mine did yesterday morning
7:56
Oops sorry I meant Vilanova. Mine disappeared last week
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