Question

What is accounting and why do we need it?

Answer 1

Answer:Accounting is essential if you want to be able to grow your business in a way that can be measured and predicted. Having a system of tracking your business' assets, liabilities, and income lets you to make smart, informed business decisions based on the past performance and present financial health of your company

Explanation:

Answer 2

Answer:

Accounting can be defined as a detailed recording in an organization that helps to track income and expenditure.

Accounting is needed because it gives an organization a detailed view of its position financially and it allows organizations to know their overall performance at a particular time.