Discuss the functions of accounting in detail.
Answers
Answer:
In other words, Accounting is a bookkeeping process that records transactions, keeps financial records, performs auditing, etc. It is a platform that helps through many processes, for example, identifying, recording, measuring and provides other financial information.
These accounting functions are: Financial accounting. ... Its primary responsibility is to generate financial statements and the related disclosures that fairly reflect the financial results and condition of the organization. Its primary beneficiary is outsiders, such as investors, creditors, and lenders
These are listed below;
5 Managerial Functions of Accounting. ...
Control of financial policy and formation of a planning. ...
Preparation of budget. ...
Cost control. ...
Evaluation of employees' performance. ...
Prevention of errors and frauds. ...
Seven Historical or Stewardship Functions of Accounting. ...
Recording of financial transactions.