What are the Functions of Accounting? Accounting is the main function of any organization in order to perform analysis to inspect the past trend and errors to improve future planning and help in decision making. The following are the functions of accounting mentioned below:
- Financial Accounting
- Management Accounting
- Cost Accounting
- Tax Accounting
- Auditing
- Social Accounting
Tax Accounting
The main objective of tax accounting is to find out the taxable income, federal & state income tax returns generation, & operations planning with shapes that will hold. With the increase, if income tax rates & the calculation of Taxable income has become more difficult, both internal accountants & external public accountants have dedicated more time to taxation problems.
Social Accounting
Social Accounting is also known as Corporate Social Reporting, Non- Financial reporting, or sustainability accounting. It is a method of a business that pursues to place a worth on the impact of its operations on society.
The sectors which lead to the calculation and publication of economic statistics perform the analysis of the economy, like the gross national product and national income.
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