Question

state the functions of accounting.
state the functions of accounting
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Answer 1

Explanation:

Before knowing the functions of accounting you should have a fair knowledge about the role of accounting. The key role of accounting is to deliver relevant financial data to the owner or stakeholder. In addition to this, it helps to make correct decisions. There are 2 kinds of the accounting function and they are:

Historical Functions

Historical function in accounting means keeping the accurate past transactional record of the business. To conduct this function you need to follow the below steps:

Recording and managing journal of all monetary transactions

Classifying the records in different ledgers

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Final accounts preparation to know the financial position of the business

Communicating financial information to the prospective sectors such as shareholder, researchers, government, suppliers etc

note- googled it

Answer 2

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.

Explanation: