function four (4) covers open accounts, transfers assets, and the maintenance of appropriate account records true...

function four (4) covers open accounts, transfers assets, and the maintenance of appropriate account records true or false?

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Expert Solution

The main function of the Accounting is to present a true and fair picture of the accounting transaction that occurred during a particular period of time. In order to present a true picture of the transactions it become essential that the transactions are recorded correctly, properly classified and nicely presented in the form of Financial Statements.

Thus first of all any accountant will open the particular account to record a transaction. For Example if he wants to record the transaction of cash received from Jane Paul then he will open the accounts of Jane Paul and Cash in the books of accounts.

Another task would be to manage the appropriate accounts and and make proper entry whenever the transactions related to such accounts take place. Maintanence of appropriate records is always essential as it would help the stakeholders to know about the true and correct picture of the accounts and financial conditions.

Thus, the above statement is correct as per my views.

ekkarill92 answered 1 year ago

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