-Harsha Lal- ACW Accounts at Edumarz
Answer- In accounting, there is a systematic record and maintenance of all the financial transactions in the various books of accounts . This is often done because as a human being nobody can accurately remember all the transactions associated with sales, purchase, expenses and so on that have taken place in everyday business. Therefore, proper and complete records of all business transactions are kept regularly. Moreover, the records are maintained and backed by relevant documentary evidence. They’re even preserved properly, just in case there’s a necessity for a little scrutiny in the future.