Answer to Question #263324 in Accounting for Another you

Question

1. What is the difference between daily tasks and weekly tasks record in a business?
2. What is the difference between financial statement and income statement?
3. Why is record keeping important in a business?

Answer 1

1.Either daily or at least weekly, a bookkeeper/accountant should maintain and update the company's financial records. To guarantee that there are only minor breaches in time when reporting, it is critical to balance and update financial records on a regular basis. It's all about the timing.

2.The balance sheet indicates what a firm has (assets) and owes (liabilities) at a certain point of time, whereas the income statement shows total revenues and expenses over a given time period.

3.We need good records to monitor the progress of your business.