Question

Give meaning of Accounting. Describe objectives and functions of accounting. State subscope of accounting

Answer 1

Answer:

Accounting is the process of recording financial transactions pertaining to a business. The accounting process includes summarizing, analyzing and reporting these transactions to oversight agencies, regulators and tax collection entities.

Answer 2

Answer:

Objectives of Accounting

• Accounting facilitates the systematic management of the records of the transaction and other financial data.

• The process assists the management by helping them to make the best decisions.

• besides that, accounting ascertains the financial position of an organization.