In your own understanding how important are this records in accounting? Essay.
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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.Keeping accurate accounting records allows a business to be able to: Prepare your financial statements quickly and accurately. Provide information to enable the control of cash in the business.
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