Financial Accounting recording, reporting, and auditing–175 words

Financial Accounting recording, reporting, and auditing–175 words

Nearly all legal business entities are bound by some type of financial reporting requirements.

Respond to the following in a minimum of 175 words:

· Discuss recording, reporting, and auditing requirements for local, state, and federal governments regarding financial accounting.

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Financial recording refers to the chronological listing of all financial transactions concerning the transfer or receipt of cash or other assets in the official books of accounts. Financial recording starts in the books of primary entry where every single transaction is recorded (No, 2010, p. 12).

(264 words)