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The two main reasons why it is vital for a business to keep accurate accounting records
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Jocelyn Hunt - AVCE Business Studies Financial Accounting - Assignment One Question One: The two main reasons why it is vital for a business to keep accurate accounting records is 1. For legal reasons to do with acts enforced by parliament and 2. To record the performance of the business. Every year companies are by law required to produce a set of accounting records that show a true and fair view of its financial position. Copies of these records then have to be filed with the Registrar of Companies at Companies' House and sent to every shareholder and debenture holder. The Companies Act 1985 states the minimum amount of information that has to be included, although many companies see it as a public relations opportunity and produce information on staff, products and other areas of the business. This is done in an attempt to make other parties such as shareholders aware...
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