Small pencil is better than large memory comment on it and briefly explain the process in accountancy
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A small pencil is better than large memory refers to the recording of a number of thoughts. This is an utmost necessity in accounting, as the prime aim of accounting it to record all entries.
- The proverb means keeping something in the record. In accountancy, it is essential to maintain a record of all the financial statements of an enterprise.
- Keeping the records such as journals, balance sheets, income statements etc, will be more stable and efficient than the best memory, however weak the medium might be.
- In the phrase, the point is not just about precision, but also sharing it with others for analysis. It is much better than sharing a memory.
- Further, it also helps to maintain an accurate record of the financial or inventory, which using only memory is nearly impossible.
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