Financial Accounting Part 1
Financial Accounting Part 2

Functions of Accounting

[ Historical Functions: 1) Identification of Monetary Transactions. 2) Recording of Monetary Transactions: 3) Classifying the Recorded Transactions: 4) Summarising the Classified Transactions 5) Interpretation of the Results 6) Communicating the results Managerial Functions: 1) Formation and Control of financial policy 2)    [2)Preparation of Budget 3) Cost Control 4) Evaluation of employee’s performance 5) Prevention of errors and frauds]