Day: January 31, 2019

Accounting|Functions of Accounting

Limitations Advantages of Accounting |ACCOUNTING

Functions of Accounting Financial Accounting performs the following nature functions: (i) Maintaining systematic records: Business transactions are properly recorded, classified under appropriate accounts and summarized into financial statements–income statement and the balance sheet. (ii) Communicating the financial results: Accounting is used to communicate financial information in respect of net profits […]