Question

The two functions of financial accounting are to measure business activities and prepare tax returns. True or false

Answer 1

The two functions of financial accounting are to measure business activities and prepare tax returns. FALSE

What is a Tax return?

• A tax return is a document submitted to a taxing body that lists earnings, outlays, and other pertinent financial data.
• Taxpayers compute their tax liabilities, set up tax payments, and request refunds for overpaid taxes on their tax returns.
• Tax returns must typically be filed yearly.
• In the United States, tax returns including data necessary to compute taxes are filed with the Internal Revenue Service (IRS) or with the state or local tax collecting agency (Massachusetts Department of Revenue, for instance).
• The IRS or another applicable authority's forms are often used to complete tax returns.

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