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Regulation and income tax- With all the help of recorded books of accounts, accounting helps the businessmen to repay the related tax it owes to The federal government. In addition, it functions as proof while in the court of law.

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Other than these, there are lots of other accounting rules but they're several of A very powerful Accounting ideas that have to be followed to read here arrange a Financial Statements. Various Nations have also adopted and issued extra Accounting rules.

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