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Q. Why do business organizations keep accountings records?
A) In order to know Profit
B) To have control of the organization
C) To get Loan
D) To pay taxIt could bpe all of these. Depends how picky the answer is.
A To know financial performance would be better as not every business makes a profit and they need to know losses too.
B Yes. You need accounting records to provide information to manage the business well.
C Businesses keep financial records even if no loans are sought,
D Perhaps to assess tax rather than pay it.
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