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Recording is done in the book “Journal”. 19. Essential Functions of Accounting. 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. It is essentially concerned with not only ensuring that all business transactions of financial character are in fact recorded but also that they are recorded in an orderly manner. Accounting has its own language and this serves as a means of communication to those employees, investors, creditors and government departments who are interested in the business. The third function of accounting is to devise such a system as will meet the legal requirements. The basic function of accounting is to provide information that will assist in decision making. The functions of accounting are as follows: Recording: This is the basic function of accounting. These are just some of the main roles and functions of the accounting department in businesses, there are many more responsibilities the accounting department is responsible for and a number of subcategories. 18. The following paragraphs examine the functions of accounting and what role does an accountant play in discharging these functions. Both of the above definitions and the very nature of accounting suggest its basic purpose – to provide information needed by users in making economic decisions. They typically do not take a strategic role. At the very basic, they will a comprehensive asset register. Since the managers would always want to know the financial performance of the business. Accounting is affected continually by legislation, technology and economic conditions. Bookkeepers – Bookkeepers provide the day-to-day efforts needed to record and assess basic accounting data. Accounting is the process of identifying, measuring and communicating economic information to permit informed judgment and decision by users of the information. Read this article to learn about the concept, objectives and functions of accounting. An accountant is a person who does the basic job of maintaining accounts as he is the man who is engaged in book keeping. Concept of Accounting: Accounting is a means of communicating the results of business operations to various parties interested in or connected with the business viz., the owners, creditors, investors, banks and financial institutions, Government and other agencies. Asset management function: it is the function of the accounting and finance department to manage the asset of an organization. The basic function of accounting is to provide information that will assist in decision making. 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