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Financial accounting is the field of accountancy interested in the preparation of economic statements for decision makers such as stock holders, employees , owners ,managers etc.The basic have to prepare financial accounting is always to reduce principal agents problems .Accounting subject treats money as a way of measuring economic performance rather than as being a factor of production .It involves the your entire system of monitoring and control over money because it flows in and out of nokia's as assets and liability and revenue and expenses .Financial accounting collects and summarizes financial data to preapare fiscal reports including income statement , balacesheet for firms management.