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1. The tax laws require it so they can be sure you pay the right amounts of taxes
2. It is good for management to know the correct picture of past business results so they can learn from history and manage the future better.
Wiki User
∙ 12y ago
Wiki User
∙ 13y agoBecause if you don't, you may be liable for penalties at a later date, if you record the wrong amount and the tax office realises you've paid less tax than you should have !
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Why there is a need to keep a written record of all business transactions?
secret
What kind of script was used for business transactions and record keeping?
a hieratic script
How do you record transactions?
Could you demonstrate on how to record transactions
An information system that enables a business to record business transactions and report financial information called?
It is called an accounting system.
What are the steps in processing business transactions?
The first step in processing a business transaction is to identify the transaction. Next, classify the transaction, record, and report the transaction.
Why is it necessary for a business to keep a record of all its financial transactions?
. Every one should maintain systematic record to access the true and fair value of their financial position or their companies
Why there is a need to keep a written record of all business transactions?
secret
What kind of script was used for business transactions and record keeping?
a hieratic script
What accounting concepts are regarded as fundamental and provide reasons why they are called fundamental?
# Principle of separate entity # Going concern # conservatism # matching of revenue & cost are considered fundamental accounting concepts as it enables to record transactions executed in business properly & figure out true profit earned as a result of undertaking the business. # Principle of separate entity # Going concern # conservatism # matching of revenue & cost are considered fundamental accounting concepts as it enables to record transactions executed in business properly & figure out true profit earned as a result of undertaking the business.
What script was used in Egyptian history for business transactions and record keeping?
It was called 'hieratic '.
Book keeping services would be used to record what?
Bookkeeping services are used to record the financial transactions of a business. These transactions include payments by an organization or individual, purchases, sales and receipts.
How do you record transactions?
Could you demonstrate on how to record transactions
An information system that enables a business to record business transactions and report financial information called?
It is called an accounting system.
What is the purpose of the financial department?
To keep record of the financial transactions of a business. that is all now go away
Why is it important to record transactions correctly and accurately in business?
It is important to keep record for tax purposes. Good record keeping is also useful for end of year profit calculation.
What are the steps in processing business transactions?
The first step in processing a business transaction is to identify the transaction. Next, classify the transaction, record, and report the transaction.
Do you only record credit transactions in general journal?
we can also record cash transactions too
