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  • 1.accounting Systems and Core Functions., - Watermark

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    Accounting tracks the financial activities and movement of money within an organization to monitor performance over time. It evaluates historical financial data to identify risks, weaknesses and opportunities for improvement, and forecasts expected future performance. The three core functions of accounting are managing financial records, auditing and assuring accuracy and compliance, and preparing tax documents and reducing tax liabilities.

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    Accounting system and core Functions

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    1.Accounting Systems and Core Functions.,_watermark (2)

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    Accounting tracks the financial activities and movement of money within an organization to monitor performance over time. It evaluates historical financial data to identify risks, weaknesses and opportunities for improvement, and forecasts expected future performance. The three core functions of accounting are managing financial records, auditing and assuring accuracy and compliance, and preparing tax documents and reducing tax liabilities.

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    © All Rights Reserved
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    32 views1 page

    1.accounting Systems and Core Functions., - Watermark

    Uploaded by

    Thefinancepath
    Accounting tracks the financial activities and movement of money within an organization to monitor performance over time. It evaluates historical financial data to identify risks, weaknesses and opportunities for improvement, and forecasts expected future performance. The three core functions of accounting are managing financial records, auditing and assuring accuracy and compliance, and preparing tax documents and reducing tax liabilities.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    of 1

    Career in Accounting

    WHAT DO
    ACCOUNTING
    SYSTEM DO?
    Track the financial activities of the
    organization
    Monitor the movement of the money to show the
    timing, amounts and commitments.

    Evaluate organisational performance


    Identify financial risks and benefits, bench-marking and
    spotting weaknesses and opportunities

    Historical Analysis
    Take a look back at the financial performance on
    how it should be doing

    Forecasting
    Determining what the financial performance
    should be based on historical analysis, variance
    analysis and market indicators.

    THREE CORE
    FUNCTIONS:
    Accounting
    Overseeing and managing financial records and operations of an
    organization

    Auditing and Assurance


    Providing assurance that financial statements are not materially
    misstated, internal controls are adequate to mitigate financial risks,
    ensure effective and efficient governance process and
    organizational objectives are met.

    Taxation
    Preparing tax returns for individuals and organization,
    developing strategies to reduce the taxes paid and examining
    tax implications of various business practices.

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