Question

1. Define the term 'Accounting and discuss its functions
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Answer 1

Answer:

Functions of Accounting are; control of financial policy, and formation of planning, preparation of the budget, cost control, evaluation of employees' performance, Prevention of errors and frauds. analysis of the interested parties, including the management

Answer 2

Answer:

Accounting can be defined as a process of reporting, recording, interpreting and summarising economic data

The main objectives of accounting are:

To maintain a systematic record of business transactions.

To ascertain profit and loss.

To determine the financial position.

To provide information to various users.

To assist the management.