FUNCTIONS OF ACCOUNTING
Measurement:- It measures past performance of
business and shows its current financial position.
Forecasting:- It helps in forecasting future
performance and financial position using past data.
Decision-making:- It helps users to take rational
Comparison and Evaluation:- It helps in comparing
and evaluating financial results of different intervals.
Control:- Accounting identifies weakness of system
and provides feedback for control.
Meeting legal requirements( government regulation and taxation):- Accounting provides necessary information to government to exercise
control and collecting tax. Accounting records are accepted as evidence by the
court of law.
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