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Please help me with question 1.2QUESTION 1 28 marks Precious Beauty Products (Pty) Ltd buys inventory (cosmetic products) and then sells the products to vari

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Identification- This is one of an accounting system function that helps in identifying transactions related to the credit purchase and the payment cycle for clarifying the transactions in the business.

Recording- In this function, identified heads of the transactions are recorded in the journal entry to treat all the accounts in a specific period.

Classifications- After posting to the journal entries, the account of balances is classified into required heads using two major classifications such as credit purchase and payment cycle.

Summary- In this, the records are summarized into specific forms to come to a specific conclusion by knowing the adjusted balances.

Determination- In the final stage o the accounting function, the favorable or non-favorable results ascertained by an entity

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