CAT / FIA FFA Syllabus A. The Context And Purpose Of Financial Reporting - Recording, analysing and summarising financial data - Notes ^{1 / 6}

Financial reporting is a way of recording, analysing and summarising financial data.

Remember these 3 steps:

1. Transactions are recorded in books of prime entry.

2. The totals of these books of prime entry are posted to the ledger accounts.

3. Finally, transactions are summarised in the financial statements