Explanation:

Financial Accounting record all the transactions of business in the form of journal in various set of books of account. After recording all these transaction are posted in a book, called ledger by opening separate account for each. 

Ledger records the detailed transactions for each of the account. Listing of all account balances is done in a statement which is called trial balance. This trial balance is further utilised for preparation of the trading, profit and loss account and balance sheet. A set of these accounts and balance sheet are together called financial statements or accounts