Question

Ehat is accounting discuss itd importance and functions

Answer 1

Accounting is book-keeping plus summarising and interpreting business transactions of financial nature.

Importance:-

1. In a business it is important to maintain records of business transactions.

2. It is important to know if you are doing good or bad in your business.

Functions:-

1.maintaining of records of business transactions.

2.Depiction of financial position.

3. Calculation of profit and loss.

4. Providing effective control over the business

5.Making information available to various groups.

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