Home/ Questions/Q 2299
Next
Answered
Jemshah
  • 0
Enlightened
Asked: 2023-01-01T13:50:39+00:00 In:

Highlight four reasons for keeping accurate business records.(4 marks)

  • 0

Highlight four reasons for keeping accurate business records.(4 marks)

You must login to add an answer.

Need An Account,

1 Answer

  1. Best Answer
    Enlightened
    1. Legal requirements: Many businesses are required by law to keep accurate records of their financial transactions and other activities. This is often the case for businesses that are subject to regulatory oversight or that are required to file tax returns.
    2. Taxation: Accurate business records can help to ensure that a business is paying the correct amount of taxes.
    3. Financial planning and analysis: Accurate business records can provide a clear picture of a business’s financial performance, allowing the business to make informed decisions about its future.
    4. Auditing: Accurate business records can be essential for the auditing process, as they provide a clear and accurate record of the business’s financial transactions.
    5. Decision-making: Accurate business records can provide valuable information that can be used to make informed business decisions, such as deciding whether to expand, diversify, or cut costs.
    6. Evidence: Accurate business records can serve as evidence in legal or financial disputes, such as in the event of a lawsuit or an audit.
    • 0