Keeping of Accounting Records As A Soul of Business - SS1 Accounting Past Questions and Answers - page 1
Why are accounting records important for businesses?
To monitor cash flow and track performance
To track employee attendance
To manage marketing campaigns
What information is included in accounting records?
Revenue and expenses
Customer feedback and complaints
Employee training records
What can happen if a business doesn't maintain accurate accounting records?
They may make poor financial decisions
They may receive more customers
They may need to hire more employees
What is the purpose of financial statements?
To calculate taxes owed
To provide a snapshot of a business's financial health
To track employee performance
Why is compliance with tax and regulatory requirements important?
To avoid legal action
To attract more customers
To improve employee morale
What can business owners do with the information provided by accounting records?
What are the consequences of not maintaining accurate accounting records?