Question

The function of Accounting is not to: (a) Record the transactions of business (b) Record the personal transactions of the Proprietor (c) Ascertain the Profit or Loss of business (d) Ascertain the Financial Position of the business​

Answer 1

Answer:

The function of Accounting is not to Ascertain the profit or loss of business. Ascertain the financial position of the business. Record the transaction of business. Record the personal transaction of the proprietor.

Explanation:

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Answer 2

(b) Record the personal transactions of the Proprietor. is not the function of Accounting.

• Because of the business entity theory personal transactions of the proprietor are not recorded in the books of accounts. A business entity is an accounting theory that implies that a business has a separate identity from its owner.

NOTE:-

Accounting refers to the organized and comprehensive recording of the financial transactions of a business.

The Function Of Accounting Are:-

• Accounting records transactions of business include records of assets and liabilities, monetary transactions, ledgers, journals, and any financing documents like checks and invoices.
• The income statement renders information about the Profit and Loss.
• The balance sheet provides a detailed illustration of the financial position of the business on a specific date.

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