Question

explain the four functions of accounting​

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

1. identification : it involves distinguish between various transactions and recordings only those that are financial in character and related to economic event for example collection of customer feedback
2. recording : it refers to recording economic events in the books of accounts only on monetary term. record is done following well established accounting principle. transactions are recorded in journal and subsidiary books
3. after recording the transaction the next step is the classify the financial transactions of same nature at one place in separate accounts
4. the economic events are identify measured and recorded in order so that the information is generated in communicated in the form of that is most suitable for the management and other internal external users to use an absorb the information is regularly communicated through reports.