i) Book - keeping providers a permanent record of each transactions.
ii) Soundness of a firm can be assessed from records of assets and abilities on a particular date.
iii) Entries related to incomes and expenditures of a concern facilitate to know the profit and loss for a
given period .
iv) It enables to prepare a list of customers and suppliers to ascertain the amount to be received or paid.
v) It is a method gives opportunities to review the business policies in the light of the past records.
vi) Amendment of business laws, provision of licenses , assessment of taxes etc. , are based on records.
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