1. Financial accounting is:
   1. a systematic examination of a companys accounting system to determine whether its financial reports fairly represent its operations.
   2. a field of accounting that serves internal users of a companys financial information.
   3. the rules and procedures governing the content and form of financial reports.
   4. the field of accounting concerned with external users of a companys financial information.
   5. a bookkeeping system that balances the accounting equation by recording the dual effects of every financial transaction.