C) Write Short note on maintenance of systematic records.
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Accounts
Maintenance of Records of Business Transactions
CA Harshita Raichandani
Accounting is used for the maintenance of a systematic record of all financial transactions in book of accounts.
Even the most brilliant executive or manager cannot accurately remember the numerous amount of varied transactions such as purchases, sales, receipts, payments, etc. that takes place in business everyday.
Hence, a proper and complete records of all business transactions are kept regularly.
Moreover, the recorded information enables verifiability and acts as an evidence.
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