Question

What are the Function of Accounting? ​

Answer 1

Answer:

The functions of accounting in a business include the following:

•Business Costs and Revenue. An important •function of accounting is to track business •spending in relation to income. ...

•Accounts Receivable. ...

•Accounts Payable. ...

•Payroll. ...

•Financial Reporting. ...

•Financial Analysis. ...

•Taxes and Compliance. ...

•Budgeting.

Answer 2

Answer: Functions of Accounting are as following:

1. It helps in maintaining systematic accounting records of financial transactions and events.

2. It helps in determining profit and loss of a firm during the accounting period.

3. It helps to communicate the financial information to its users.