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What are benefits of keeping track of personal transactions

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Question: Every business or organization must utilize accounting to record, summarize and report business transactions. While the focus in this course is the use of accounting within a business, the same concepts can be used on a personal level.

1. How can you use accounting to manage your personal finances?

2. What are the benefits of keeping track of personal transactions - income and expenses - in an organized manner?

3. What are some of the possible risks if you don't keep track of personal transactions?

Reference no: EM132018427

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