Advantages of Bookkeeping and Accountancy Homework Answers
Accountancy is best described as measurement and communication of financial transactions that take place during the operations of any business entity. Bookkeeping on same note is defined as document that keeps record for all such financial transactions for error-free calculations.
The financial transactions that are recorded in bookkeeping are sales & purchase, payments & receipts by any individual or organization as whole. There are several methods of bookkeeping which can be stated as single entry bookkeeping and double entry book keeping. However double entry bookkeeping method is most effective method of bookkeeping.
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Positives of such manuals:
The advantages of bookkeeping and accountancy homework answers are as follows:
- Point 1:
Accurate bookkeeping is necessary for all small, medium as well large sized organizations. Bookkeeping & Accountancy is a method of knowing your profits and losses of the organization simultaneously keeping a check on income and expenditures.
With the help of double entry bookkeeping accountancy method, all financial transactions are recorded twice which becomes error free and provides accurate balance sheet and income statements to the organizations.
- Point 2:
To understand your companyâ€™s net worth business owners, have to maintain error free bookkeeping. At the start of business operations, the owners can maintain the records themselves however once the business expands they need proper experts to keep the records and maintain books. The bookkeeping tracks the money owned, bill dues for payments & bank balances that are available for business.
- Point 3:
The advantages of bookkeeping and accountancy homework answers also include keeping a track on frauds or fraudulent activities by anyone within the company. If the records are established in correct manner, bookkeeping can almost keep a check on any fraudulent activity and can save the business from losses.
The method of single- entry or double entry is not impossible to understand, but it needs times and lot of practice to understand the complex calculations and doing entry on both debit as well as credit sides of paper.
Students now a -days are busy with their tight schedules and have lesser time as compared to earlier ones. They have to indulge their time in all subjects equally and has to participate in other practical and other curricular events.
Some students may learn the concept faster, but it has been surveyed worldwide that maximum students are most of the time confused in mathematics & accountancy or related subjects that involve calculations and formulas. Thus, the problem statements have given rise to advantages of bookkeeping and accountancy homework answers.
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Need in present times:
Bookkeeping and accountancy are considered as upmost need for any business organization that operates within the industry. Without bookkeeping an organization will not be able to formulate its growth strategy and declare the financial statements to external stakeholders
The financial worth is estimated through bookkeeping methods which are critical for investments purposes. Students who want to become entrepreneurs in future will have to learn the subject thoroughly and knowing advantages of bookkeeping and accountancy homework answers by services companies can provide relevant assistance in same.
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