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List any two functions of accounting

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List any two functions of accounting

Posted by Sachin Shakya 5 years, 3 months ago

CBSE > Class 11 > Accountancy

1 answers

Meghna Thapar 5 years, 3 months ago

The basic role of accounting is 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 functions of accounting, first, historical functioning and second, managerial functionals.

There are five basic roles or functions within the department:

Accounts receivable.
Accounts payable.
Payroll.
Financial controls.
Financial reporting.

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