Legal Requirement Function

Legal Requirement Function is The third function of accounting is to devise such a system as will meet the legal requirements. Under the provision of law, a business man has to file various statements e.g., income tax returns, returns for sales tax purpose etc. Accounting system aims at fulfilling the requirements of law. Accounting is a base, with the help of which various returns, documents, statements etc., are prepared.

Functions of Accounting (accounting functions)

Functions of Accounting (accounting functions): Learning Objectives: What are the important functions of accounting? Record Keeping Function: The primary function of accounting is to keep a systematic record of financial transaction – journalisation, posting and preparation of final statements. The purpose of this function