Question

why is accounting necessary​

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.

Answer 2

Answer

• We need accounting because it's the only way for business to grow and flourish.
• Accounting is the backbone of the business financial world.
• The concepts of assets, liabilities, and income and the need to reconcile these areas is still the basis for all accounting functions today.