What are the advantages of book – keeping?

1.	What are the advantages of book – keeping?
Answer» The advantages of book-keeping are: 1. Transactions are recorded systematically in chronological order in the book of accounts. Thus, book-keeping provides a permanent and reliable record for all business transactions. 2. Book – keeping is useful to get the financial information. 3. It helps to have control over various business activities. 4. Records provided by business serve as a legal evidence in case of any dispute. 5. Comparison of financial information of different business units is facilitated. 6. Book – keeping is useful to find out the tax liabilities.

Answer»

The advantages of book-keeping are:

1. Transactions are recorded systematically in chronological order in the book of accounts. Thus, book-keeping provides a permanent and reliable record for all business transactions.

2. Book – keeping is useful to get the financial information.

3. It helps to have control over various business activities.

4. Records provided by business serve as a legal evidence in case of any dispute.

5. Comparison of financial information of different business units is facilitated.

6. Book – keeping is useful to find out the tax liabilities.

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