maintaning accounting record explain
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No record of accounting
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Accounting records are key sources of information and evidence used to prepare, verify and/or audit the financial statements. They also include documentation to prove asset ownership for creation of liabilities and proof of monetary and non monetary transactions.Accounting is the act of sorting and recording information. Accounting records sort and categorize financial data into groups of information that are meaningful to stakeholders of the business. ... A successful and active business may encounter hundreds of transactions in a single period.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.There are several ways to maintain accurate records. These include identifying revenue streams, keeping track of invoices and receipts, preparing financial statements, tracking deductible expenses and preparing tax return