Accounting transactions are very important to a firm's operations,the following activities would affect the firm's account balances -- analyzing major accounting statements to evaluate the financial condition of the firm.
What is the importance of accounting in business?
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
What is the main purpose of accounting?
The main objective of accounting is to record financial transactions in the books of accounts to identify, measure and communicate economic information. Moreover, tax reporting agencies require you to keep books at a minimum level that tracks income and expenditure
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