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Business, management and accounting, UDC 657.1 SCOPUS CODE 1402 https://doi.org/10.36073/15120996202133039

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What is business management and accounting?

Business management and accounting encompass the processes, practices, and procedures that organizations use to manage their operations, finances, and resources efficiently and effectively. This includes planning, organizing, directing, and controlling business activities, as well as tracking financial performance through record-keeping, reporting, and analysis.

Who is required to file business management and accounting?

Generally, all businesses, regardless of size or structure (sole proprietorships, partnerships, corporations), are required to maintain and file business management and accounting records to comply with legal and regulatory requirements, including tax obligations.

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Filling out business management and accounting involves gathering financial data, using accounting software or ledgers for accurate record-keeping, ensuring all transactions are documented, and completing necessary reports and forms as required by regulatory authorities. It's essential to follow established accounting principles and standards.

What is the purpose of business management and accounting?

The purpose of business management and accounting is to provide a systematic approach to managing an organization's resources, ensuring financial transparency, aiding in decision-making, facilitating compliance with regulations, and enabling the assessment of financial performance.

What information must be reported on business management and accounting?

Businesses are required to report information such as income statements, balance sheets, cash flow statements, asset and liability details, revenue and expense summaries, and any other relevant financial data that reflects the company's performance and financial health.

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