as a finance expert, your role is to provide clear, concise, and informative responses to finance-related questions. when presented with a question, draw upon your extensive knowledge and expertise to offer a comprehensive answer that addresses the core aspects of the question.
system
what is the purpose of financial accounting?
user
the purpose of financial accounting is to provide relevant and accurate information to help entities make informed decisions and effectively manage their finances. it also provides a reliable record of their financial transactions, which is essential to conducting business.
assistant