Question

Which of the following is/are the main functions of accounting?

• A. Keeping systematic records
• B. Protecting and controlling business properties
• C. Ascertaining the operational profit/loss
• D. All of the above

Answer 1

The correct option is D All of the above

The main function of accounting are:

Keeping Systematic records: It is the responsibility of an accountant to keep the accounting records in a systematic manner so that during the course of audit, all such records can be provided.

Controlling and Protecting business properties: All the assets of the business has to be verified on time to time basis,

Ascertaining the operational profit/loss: At the end of financial year, all accounting records are summarized to make the profit & loss account to know the operational profit or loss from the business.