Financial Accounting Practice is the process of recording, verifying, summarizing, analyzing, and reporting financial transactions. It is an important business function that helps organizations to measure, manage, and control their finances. The goal of Financial Accounting Practice is to provide accurate and timely information about an organization’s financial activities in order to enable informed decision-making. Financial Accounting Practices go beyond the basic bookkeeping of recording a company’s financial transactions; they also involve the analysis and interpretation of the data in order to maximize profitability and reduce risk.