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21 December, 06:12

Describe the two primary functions of financial accounting

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  1. 21 December, 07:52
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    Answer: Measurement and presentation of financial performance

    Explanation: The two primary functions of financial accounting are measurement and presentation of financial performance.

    The measurement function is performed by following accounting procedures and policies under US GAAP and IFRS.

    Whereas, presentation function relates to preparation of financial statements like income statement and cash flow statement.
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