____ IS THE ART OF RECORDING CLASSIFYIONG AND SUMMARIZING IN A SIGNIFICANT MANNER AND IN TERMS OF MONEY TRANSACTIONS AND EVENTS.

ACCOUNTING IS A PROCESS.

ACCOUNTING IS NOT AN ART.

The following are the functions of Accounting:

•KEEPING SYSTEMATIC RECORD OF BUSINESS TRANSACTIONS

• PROTECTING PROPERTIES OF THE BUSINESS

• COMMUNICATING RESULTS TO VARIOUS PARTIES IN OR

CONNECTED WITH THE BUSINESS

• MEETING ILLEGAL REQUIREMENTS

A BRANCH OF AACCOUNTING PRIMARILY HANDLING THE RECORDINJG OF FINANCIAL TRANSACTIONS OF A BUSINESS.

IS A BRANCH OF ACCOUNTING WHICH FOCUSES ON THE PREPARATION OF FINANCIAL REPORTS USED BY MANAGERS IN THEIR DAY TO DAY DECISION MAKING.

ENCOMPASSES THE PROCESS OF ANALYSING RECORDING CLASSIFYING, SUMMARIZING AND COMMUNICATING ALL TRANSACTIONS INVOLVING THE RECEIPT AND DISPOSITION OF FUND PROPERTY.

Deals with how funds of government are used or disposed.

See to it that proper procedure were followed.

Composed of internal and external audit.