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Accounting Records

Forums › FIA Forums › FA1 Recording Financial Transactions Forums › Accounting Records

  • This topic has 1 reply, 2 voices, and was last updated 2 years ago by Ken Garrett.
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  • October 22, 2020 at 3:42 pm #591114
    imtiaznazar
    Member
    • Topics: 1
    • Replies: 0
    • ☆

    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 tax

    October 24, 2020 at 11:01 pm #593053
    Ken Garrett
    Keymaster
    • Topics: 10
    • Replies: 10189
    • ☆☆☆☆☆

    It 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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