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Q: Why it is important to maintain daily financial records?
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Continue Learning about Accounting

What is the original book entry and their function?

original book entry refers to that book in which we maintain our daily records of the business . in this book we record all the things in daily basis that is why its also called daily basis accounts.


What are the objective of accounting?

The basic objective of accounting is to maintain the records of daily business transactions carried out by the company to give a true representation of the state of affairs, including position of assets and liabilities at the end of the financial year.If no accounting is done, the business will operate in a hapazard manner like a race horse with both eyes covered. Without proper accounting, no business house can survive in this era of stiff competition.


How will accounting affect peoples daily lives?

Accounting will affect the daily lives of people by making sure all debts are accounted for and making sure people have monies. Keeping good accounting records is a good way to avoid financial troubles.


Define accounting standards?

The radiation standards is very important to us in our daily lives!!! The radiation standards is very important to us in our daily lives!!! The radiation standards is very important to us in our daily lives!!! The radiation standards is very important to us in our daily lives!!!


Is studying accounting important?

Yes commerce studies is important. It is important in this cause that it is used in every sector of our life. From our daily life to the cooperate works commerce is as important as the water for the fish. We live for few days without water but fish cannot live even a minute. same like that without good study of commerce or without good knowledge of commerce our daily life and cooperate world is nearly impossible.

Related questions

What is the original book entry and their function?

original book entry refers to that book in which we maintain our daily records of the business . in this book we record all the things in daily basis that is why its also called daily basis accounts.


Important of financial accounting in an organization?

Financial accounting is very important in an organization. It helps track and account incoming and outgoing funds and balance the books on a daily, weekly or monthly basis.


What are the objective of accounting?

The basic objective of accounting is to maintain the records of daily business transactions carried out by the company to give a true representation of the state of affairs, including position of assets and liabilities at the end of the financial year.If no accounting is done, the business will operate in a hapazard manner like a race horse with both eyes covered. Without proper accounting, no business house can survive in this era of stiff competition.


How will accounting affect peoples daily lives?

Accounting will affect the daily lives of people by making sure all debts are accounted for and making sure people have monies. Keeping good accounting records is a good way to avoid financial troubles.


Effectiveness of financial planning and monitoring?

Financial planning keeps a person or business on task with money and keeps them informed of their available funds. Monitoring is important to do daily or weekly to watch for errors in calculations.


What are the main types of information gathered to enable the organisation to function on a day to day basis?

For company regular Purpose the status of the expenses, sales and production information is very important for maintain the financial conditions. It should be like a daily cost sheet to know the status of the organization. Regards, S.Srinivas


Why marketing is important in daily and working life?

important of marketing in our daily life


Difference between jr accountant and staff accountant?

Junior accountants performs daily journal entry tasks and tends to general financial records. Staff accountants perform all facets of the company's expenses and benefits for employees.


Name India's first financial daily newspaper in English started in 1961?

The Economic Times is India's first financial daily newspaper in English, launched in 1961. It is widely recognized for its coverage of financial and business news in the country.


Why addition and subtraction are important in our daily lves?

why addition & substraction important in our daily life


What is the magnitude of daily international financial flows in the early twenty-first century?

Daily international financial flows exceed well over $1 trillion in the early twenty-first century.


What information does the daily fx provide?

Daily fx is a source for financial information. They provide information and advise on investments. It looks to be a great source for information, especially if you have a good understanding of the financial world.