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What is the need for accounting in business? |
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Answer» Every business concern is started to earn a profit. The concern earns profit through transactions of the business such as the purchase of goods, sale of goods, receipt of incomes, expenses, incurring losses, etc. to know all these things is very important. Accounting is needful to know the net profit earned or the loss suffered. It is also required to know the amounts due by the firm to others or due to the firm by others. For all these purposes it is very essential to write down accounts. |
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