Describe the role of Accounting
Answers
Answer:
Maintenance of books of accounts. Role of Accountant is very crucial in maintaining systematic records of financial...
Statutory Audit. Usually, a Chartered Accountant audits the books of the entities like Limited companies, firms etc.
Internal Audit. Accountants, internal staff are engaged in an internal audit by large-sized entities (like listed...
Budgeting. Budgeting refers to the planning of various business activities, transactions before their occurrence.
Explanation:
The main functions of accounting are to store and analyze financial information and oversee monetary transactions. Accounting is used to prepare financial statements for a company's employees, leaders, and investors. Accounting also functions to ensure the payment of funds into and out of a company.
Accounting creates a fiscal history for any company. It is used to track expenditures from business operations as well as a company's profits. It can also be utilized to predict financial success and the future needs of a company to create budgets and take advantage of new growth opportunities. Accountants use this information to prepare financial statements used by business professionals and government officials.