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1. Systematic Record Keeping

Accounting is fundamentally about maintaining a systematic record of all financial transactions. This includes tracking income and expenses, which is vital for assessing the financial health of a business. Accurate records allow businesses to understand their cash flow and profitability, enabling informed decision-making and strategic planning.

2. Financial Reporting

The accounting function generates key financial statements—namely the income statement, balance sheet, and cash flow statement. These documents provide insights into the company's performance, financial position, and liquidity over specific periods. They are critical for stakeholders, including management, investors, and regulatory bodies, to evaluate the business's viability and compliance with laws.

3. Budgeting and Forecasting

Effective accounting practices facilitate budgeting and financial forecasting. By analyzing historical data, businesses can project future revenues and expenses, helping them allocate resources efficiently. This predictive capability is essential for navigating economic uncertainties and planning for growth.

4. Compliance and Risk Management

Accounting ensures compliance with various legal requirements, such as tax obligations and financial reporting standards. A robust accounting system helps prevent fraud by maintaining accurate records that can be audited if necessary. This compliance not only protects the business from legal issues but also enhances its reputation among stakeholders.

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all activities that a company performs to grow in value and make more money .

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1) Some personal assets can include, but are not limited to: Savings Accounts, Mutual Funds, Cash, Bonds, Insurance Policies, Real Estate, etc...

2) I'd personally have dividends given to me in the form of cash because it's easier for me to keep up with and is the form of currency I like to use the most.

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1) Some personal assets can include, but are not limited to: Savings Accounts, Mutual Funds, Cash, Bonds, Insurance Policies, Real Estate, etc...

2) I'd personally have dividends given to me in the form of cash because it's easier for me to keep up with and is the form of currency I like to use the most.

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1.Decision making -accurate financial information helps management make informed decisions regarding investments, budgeting , and strategic planning.

2.regulatory compliance-businesses must comply with financial regulations and standards .

3.performance measurement - financial statements provide insights into a company's performance , helping stakeholders assess profitability, liquidity, and solvency.

4.resource management - effective financial management ensures that resources are allocated efficiently reducing wast and optimizing returns .

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1.Accounting deals with record-keeping and reporting decisions for your company's finances. 2.Finance helps to analyze all the data to make important decisions about how best to direct the organization. Accounting and finance are two pieces of a successful business puzzle that need each other to thrive.

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1. Recording Transactions

- Purpose: Accounting serves to systematically record all financial transactions of a business.

- Example: When a business sells a product, it records the sale, including the amount received and any expenses incurred.

### 2. Financial Reporting

- Purpose: Financial statements (like the balance sheet, income statement, and cash flow statement) provide insights into the financial health of the business.

- Example: An income statement shows how much revenue the business earned and the costs incurred, which helps assess profitability.

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1. It reduces trust, affects productivity, and limits the innovation of its employees.

2. Marketing campaigns and social media advertising

Zaire Parker

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1. Give additional examples of how they can use accounting to manage their personal finances.

2. Provide examples of companies that prepare financial reports to encourage investors to buy stock in the companies

3. Give examples of other types of creditors that need financial information about businesses.

4. Identify businesses that started small but have become huge companies. Why would it be important for the business’s accounting system to grow as the business grows?

5. Think of other ways that an accounting system might protect a business.

6. What might be advantages and disadvantages of the cash accounting method?

7. What might be advantages and disadvantages of the accrual accounting method.

8. I dentify other sets of rules that apply to businesses or individuals that provide consistency and make comparisons and/or interactions possible. (Examples include general driving laws or rules for a particular sport.)

9. Give examples of assets and liabilities.

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PP 1 Discussion ?'s  You will answer any 2 ?'s

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PP 1 Discussion ?'s  You will answer any 2 ?'s

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1. What they think about when they consider starting their own businesses. If so, what would it be.

2. Identify any other goals a company’s financial managers might have.

3. List some of their personal assets.

4. Give examples of ways a company could suffer financially because of poor communication

5. Give examples of ways that companies must spend money to make money

6. Describe the equity their current places of employment own.

7. Would you prefer to receive dividends in the form of stock or in the form of cash. Why?