Page 10 - IC26 LIFE INSURANCE FINANCE

4. Objectives of Accounting -

(a) Systematic Recording of Transaction;:

(i) Book Keeping

(ii) Journal

(iii) Ledger

(iv) Trial balance

(b) Ascertainment of Result

(i) Manufacturing

(ii) Trading

(c) Ascertainment of financial position –

(i) Balance Sheet

(d) Communicating information to –

(i) Financial Reports

5. Functions of Accounting -

(a) Measurement

(b) Forecasting

(c) Cost Accounting

(d) Comparison & Evaluation

(e) Control

(f) Government Regulation and Taxation

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