Question

List the various accounting activities that an organisation under takes and give reasons for each
as to why that particular activity is performed in the organisations.
1. …………………………………….. 1. ……………………………………….
2. …………………………………….. 2. …………………………………………
3. ……………………………………….. 3. ………………………………………..
4. ………………………………………. 4. ………………………………………
5. ………………………………………. 5. ………………………………………
6. ………………………………………. 6. ……………………………………….

Answer 1

1. Financial Accounting-These activities are performed for recording and classifying business transactions, and preparing and presenting financial statements to be used by internal and external users.

2. Cost Accounting-Cost accounting is very useful in manufacturing businesses since they have the most complicated costing process.. This helps in analyze actual cost vs budget and control variances.

3.Tax Accounting-It includes tax planning and preparation of tax returns. It also involves determination of income tax and other taxes, tax advisory service.

4. Auditing- For providing True & fair view of Financial statements, audit is must.

5. Forensic Accounting-It involves court and litigation cases, fraud investigation, claims and dispute resolution