What are the function of accounting?

Answer 1

Accounting involves the creation of financial records of business transactions, flow of finance, the process of creating wealth in an organisation, and summarizing the financial position of a business at a given moment in time.

Answer 2

An accounting is the language of business that measures the results of economic activities of an organization and also the process and communication of financial economic entities. Accounting has five major functions; 1. is measuring the resource contribution, 2. participants' incentive payments measurement, 3. determining the contract fulfillment, 4. public disclosure, and 5. distribution of the information to maintain the factor markets liquidity.

Answer 3

Accountant is in reality is the chief functionary of the life of an enterprise. He has the handle of the knife and he can cause the success or the failure of an enterprise. He is the chief functionary of the firm in maintaining and administering the accounts. He is the one who sets right the wrong entries. He is the one who catches the culprits.

The functions of the accountant are multiple. But some can be highlighted.

1. Accurate journal and ledger entries. The handwriting or the entries should never be ambiguous but crystal clear

2. Chronological maintenance of vouchers, receipts and bills.

3. Entries should be accurate and objective.

4. Punctuality of preparing the records, balance sheet and the report and getting all the main records signed by the boss.

5. All the payments and receipts made by the accountant should be countersigned by the concerned clients, and the statements should be entered at the spot.

An accountant can predict the life of the enterprise, he must accurately prepare the report and table it for the discussion so as t6o advise consistently for the making of budget and making adjustments in transaction.

He must learn all the modern development of the software regarding the accounts and make function well the chain work of accounts.

An accountant has been called by his profession to maintain the secret and never to leak out the content to the third person.

Answer 4

The word "funtion" does not exist!