what is accounting explain characteristic and function
Answers
Meaning of Management Accounting:
Management Accounting is the presentation of accounting information in order to formulate the policies to be adopted by the management and assist its day-to-day activities.
In other words, it helps the management to perform all its functions including planning, organizing, staffing, directing and controlling.
Financial Accounting is the process in which business transactions are recorded systematically in the various books of accounts maintained by the organization in order to prepare financial statements.
In other words, Accounting is a bookkeeping process that records transactions, keeps financial records, performs auditing, etc. It is a platform that helps through many processes, for example, identifying, recording, measuring and provides other financial information.