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Law and money tax- Together with the help of recorded books of accounts, accounting helps the businessmen to repay the suitable tax it owes to The federal government. In addition, it functions as proof in the court docket of law.
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Accrual refers back to the Income which has been gained by the Company but hasn't been recorded in the Financial Statement or expenditures which have been incurred in the traditional class of business but is but to be recorded while in the Guides of Accounts.
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