In: Accountancy What are the basic concepts of Financial Accounting? What are the basic concepts of Financial Accounting? 1 Answer afaq 97 Questions 67 Answers 3 Best Answers 18 Points View Profile afaq Added an answer on July 27, 2020 at 9:05 pm Financial accounting is a process of recording, summarising, analyzing, and providing the data to its users. Financial accounting is a branch of accounting that Maintaining Systematic Records Of Transactions. Analyze and determine the financial position is also a part of financial accounting. Financial accounting involves the preparation of various financial statements like income statement, cash flow statement, balance sheet, etc. 0 Reply Share Share Share on WhatsApp Share on Facebook Share on Twitter Share on LinkedIn Sorry, you do not have a permission to answer to this question.