Question

The two main functions of ________ are to (1) measure business activities and (2) to communicate those measurements to investors and creditors. (Enter only one word.)

Answer 1

Answer: Financial accounting

Step-by-step explanation: Financial accounting refers to keeping track of a company's financial transactions.

The methods and procedures in US GAAP and IFRS are used to measure transactions that occurred in a single year period.

The communication of performance of an entity is done by various financial statements prepared for example - income statement and balance sheet.