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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.
Wiki User
∙ 15y ago
Wiki User
∙ 9y agoAn 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.
Wiki User
∙ 14y agoAccountant 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.
Wiki User
∙ 12y agoThe word "funtion" does not exist!
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What are the function and responsibilty of Cost Accounting?
What are the function and responsiblity of Cost Accounting
What is the function of general accounting in accounting?
to be General
What are the primary objectives of the accounting function in an organization?
The primary objectives of the accounting function in an organization are to process financial information and to prepare financial statements at the end of the accounting period.
How does the cost accounting function assist in the management of a business?
the function of cost accounting is to provide management of differents acitivities in a business
What are the nature and function of accounting?
Numbers
What are the function and responsibilty of Cost Accounting?
What are the function and responsiblity of Cost Accounting
What is the function of general accounting in accounting?
to be General
What accounting function can be performed only by a CPA?
accounting functions
What are the primary objectives of the accounting function in an organization?
The primary objectives of the accounting function in an organization are to process financial information and to prepare financial statements at the end of the accounting period.
How does the cost accounting function assist in the management of a business?
the function of cost accounting is to provide management of differents acitivities in a business
What is the function of tally?
accounting info
What are the nature and function of accounting?
Numbers
Which ICS function records time accounting and procur?
Finance/Administration is the ICS function that records time, and provides accounting and procurement.
What The general accounting office assist congress in its oversight function by?
The General Accounting Office (GAO) assists Congress in its oversight function by __________.
What is retail accounting?
Retail accounting is the process of accounting for retail businesses. The accounting function in retail isn't significantly different from that of other businesses.
What are the function of the government in accounting?
to control the money
What is the Difference between integrated and interlocking accounting system?
Integrated system is one which combines the cost accounting and financial accounting functions in one system of ledger accounts while an interlocking system has a cost ledger for the cost accounting function and a financial ledger for the financial accounting function.
