0
Functions of accounting are
-
Analysis of financial transactions occurred in an enterprise for a given period.
-
Segregation of transactions by identifying revenue transactions and capital transactions .
-
identifying accounts to be opened for each financial transaction & recording in journal & ledger.
-
Preparing trial balance to verify errors to correct & correction. Preparing final accounts at the end of period to measure of outcome of business to arrive at profit /loss .Analysing reasons for loss if any by financial statement analysis
- For money
- For peace and order
- For nice environment
- For Good Will
Sorry to say but the above answer is completely misleading and incorrect. The major functions of accounting are
1. recording business transaction
2. Classifying and summarizing business transactions in a meaningful manner
3. Analysing and interpreting data in order to retrieve meaningful information.
4. Communicating the information to the relevant stakeholders
Add your answer:
Earn +20 pts
How does cost accounting connect with financial accounting and management accounting?
Management accounting gathered data or information from cost accounting and financial accounting. After that, it analyzes and interprets the data to prepare reports and provide necessary information to the management.
Advantages of inflation accounting?
An advantage of inflation accounting, is that it can correct problems with inflation. The negative part about inflation accounting is that it is not fair value accounting.
What concept is the most basic concept to accounting?
idea is more basic to accounting than the accounting unit or entity, a term used to identify the organization for which the accounting service is to be provided and whose accounting or other information is to be analyzed, accumulated, and reported.
What do you call someone who works in accounting management?
An accounting manager.
Advantages of historical cost accounting?
strength of historical cost accounting
What accounting function can be performed only by a CPA?
accounting functions
What is the 5 main function of accounting?
The 5 major functions of accounting are recording, classification, analysis and Interprets, Communication and Summarizing. These functions defines the accounting profession.
Various types of accounting packages along with their functions?
discuss brifly various types of accounting packages along with their functions
1.9 Describe the different functions of management accounting?
The functions of management accounting include: Budget control, ratio analysis, fund flow analysis and cash flow analysis. Management accountingâ??s main function is to collect accounting data which is useful for different managerial functions.
Money functions as a unit of accounting when?
It is used as a store of value.
What are the functions of an accounting system?
hindi ko rin alam :)
What are the 3 functions of business?
marketing, accounting (finance) and operation.
What are the three functions of business finance?
Production Marketing Accounting
What is the differences between manual computerized accounting systems for a service business?
A manual accounting system is a method of processing accounting functions with pencil and paper. A computerized accounting system allows accounting professionals to compute accounting tasks with a computer.
What are the 4 phases accounting and meaning?
There are 4 phases of accounting as follows:RecordingClassifyingSummarizingInterpration
1 Provide a short definition of Financial Accounting and how it is quite different from management accounting functions?
your face and your face financially
Is a payroll function integrated into most office and tax accounting software?
Yes payroll functions are always integrated into business accounting software.
