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Law and income tax- Using the help of recorded books of accounts, accounting helps the businessmen to pay off the appropriate tax it owes to the government. It also acts as evidence within the courtroom of legislation.
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Presents the economic posture- It helps the enterprise person to draft a stability sheet at the conclusion of every year, which will allow them to recognize the money situation of an organization. It highlights the worth of assets and liabilities from the company.
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