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| 1. |
State the functions of accounting |
| Answer» The basic role of\xa0accounting\xa0is to provide relevant financial information to the businessmen and the stakeholders. Furthermore, facilitating the decision making processes and keeping them updated. There are two types of\xa0functions of accounting, first, historical functioning and second, managerial functionals.\xa0The\xa0main functions of accounting\xa0are to keep an accurate record of financial transactions, to create a journal of expenditure, and to prepare this information for statements that are often required by law. The most\xa0basic function\xa0is to record the data. | |