practical importance and example of business and accounting
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practical importance and example of business and accounting
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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.
Explanation:
Business Costs and Revenue
An important function of accounting is to track business spending in relation to income. Just like managing your personal finances, accountants record expenses and payments to keep an accurate and up to date record of the company's funds.
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