Question

importance of accounting any 5
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Answer 1

Answer:

Accounting plays a vital role in running a business because it helps you track income and expenditures, ensure statutory compliance, and provide investors, management, and government with quantitative financial information which can be used in making business decisions

Explanation:

What Is the Purpose of Accounting?

RECORDING TRANSACTIONS. The primary role of accounting is to maintain a systematic, accurate and complete record of all financial transactions of a business. ...

BUDGETING AND PLANNING. ...

DECISION MAKING. ...

BUSINESS PERFORMANCE. ...

FINANCIAL POSITION. ...

LIQUIDITY. ...

FINANCING. ...

CONTROL.

Answer 2

Each commerce student is well familiar with the term accounting and what it means. Accounting is a valuable field to make a career for students.

It is undeniable that accounting is a boring and difficult subject for some students, but meanwhile, it is a fascinating subject for others.

A major reason that compels the students to take their steps back in accounting is that they are unaware of why is accounting important.

In brief, accounting is important for business practices and important for other fields such as hospitality, practical life, small businesses, etc.

Accounting plays a vital role in running a business because it helps you track income and expenditures, ensure statutory compliance, and provide investors, management, and government with quantitative financial information which can be used in making business decisions.