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Accounting is the systematic and comprehensive recording of financial transactions pertaining to a business, and it also refers to the process of summarizing, analyzing and reporting these transactions to oversight agencies and tax collection entities. Accounting is one of the key functions for almost any business; it may be handled by a bookkeeper and accountant at small firms or by sizable finance departments with dozens of employees at large companies.

Read more: Accounting http://www.investopedia.com/terms/a/accounting.asp#ixzz4aF1MkWw8
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Karen Taiapa

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Accounting is an information science used to collect, classify, and manipulate financial data for organizations and individuals.

http://saunders.rit.edu/programs/undergraduate/accounting/what-is.php

Karen Taiapa

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Accounting involves the creation of financial records of business transactions, flows of finance, the process of creating wealth in an organisation, and the financial position of a business at a particular moment in time.

Read more: http://businesscasestudies.co.uk/business-theory/finance/accounting-functions.html#ixzz4ZpK58t2V

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Accounting  Accounting is the recording of financial transactions plus storing, sorting, retrieving, summarizing, and presenting the information in various reports and analyses. www.accountingcoach.com/blog/what-is-accounting

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Accounting  Accounting is the recording of financial transactions plus storing, sorting, retrieving, summarizing, and presenting the information in various reports and analyses. www.accountingcoach.com/blog/what-is-accounting

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Connor Basham

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Accounting: Is used to illustrate the company’s financial position to internal and external stakeholders.  Financial reports are created to show these figures these include financial statements of account, balance sheets and profit and loss reports. These documents provide information on the company’s past performance and are a great tool to forecast future financials. The figures derived from the financial statements are used for filing tax returns for the company and its shareholders.

https://www.boundless.com/accounting/textbooks/boundless-accounting-textbook/introduction-to-accounting-1/overview-of-key-elements-of-the-business-19/the-role-of-accounting-in-the-business-119-7274/

Kelly Richardson

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The financial section of the organisation will keep manual/electronic records of money received and paid out by the organisation. This information will then be used to produce various financial statements for tax purposes and to comply with legal requirements. The information will also be used to produce management accounts to enable senior managers to plan and review business strategy.

The finance department or unit may also be responsible for administering employee expenses and salaries. For payment of wages the finance department will need to take into account statutory deductions such as tax, and employee contributions such as pension or loan repayments.

http://www.learnmanagement2.com/organisational%20functions.htm

Jaco Greyling

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Accounting, also known as Finance, calculates financial information using figures from investments, loans and interest, wages, operational expenses, profit and loss, debts, assets, business cash flow, etc. From this information produced managers are aware of the business’s financial position and can then make any changes to better the wealth and achieve objectives of the business where possible.

www.smallbusiness.chron.com/accounting-functions-organization-22781.html

Leah Cole

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Finances come under 'critical business functions'. Keeping track of who owes you how much, or how much you owe others is vital in maintaining financial stability. Employee Payroll also falls under this umbrella, as does paying back loans from a bank, or making financial reports to investors to maintain their investment in the company.
Ensures the effective financial stability of the company.

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Accounting Padlet

Accounting/Finance function involves planning, procurement and effective utilisation of the funds of the business.

(http://www.publishyourarticles.net/knowledge-hub/business-studies/what-are-the-main-functions-of-business/554/)

A link for flash cards about the functions: https://quizlet.com/27003490/5-business-functions-flash-cards/