For this assignment, discuss how the finance function is interrelated and connected to the other business functions.

Q: Describe the reasons why financial accounting is useful?

A: Financial accounting is a specific branch of accounting involving a process of recording,…

Q: What are the functions of the financial balance sheet in assisting in management's decision-making…

A: The question is based on the usage of balance sheet in financial decision making  by managers.

Q: Explain the economic environment of financial accounting.

A: The economic environment of financial accounting.

Q: how is financial management related to economics on the one hand and accounting on the other hand.

A: Financial Management: It refers to the planning, directing, organizing & controlling the…

Q: Explain the use of the general ledger in the financial management process.

A: A general ledger is a financial data record-keeping method that contains debit and credit account…

Q: What are financial accounting's two main functions?

A: The answer:

Flow of Funds

The flow of funds is the financial accounts of the nation, which monitor and control the cash flow among various sectors or industries, or markets. Central banks use these flow of funds statements to acquire macroeconomic data, to publish cash inflow and cash outflow statements of the nation. This flow of funds system is utilized to identify economic activity and changes in the economy. It is used by Federal Reserve to determine the Gross Domestic Product (GDP) of the nation and to implement monetary policy and fiscal policies.