Following information is given ` Opening Stock 2,13,000 Purchase 16,55,000 Sales 21,32,000 Carriage Inwards 32,500 Carriage Outwards 38,600 Return Inwards 38,000 If the rate of gross profit is 25% on cost then value of closing stock will be

Financial accounting is a branch of accounting concerned with the summary, analysis and reporting of financial transactions related to a business. This involves the preparation of financial statements available for public use. (source: Wikipedia)

Most businesses use four primary types of financial statement: the balance sheet, the income statement, the statement of cash flow, and the statement of retained earnings.

Note: The 3 types of accounting are cost, managerial, and financial accounting. ​​