Question

Phil o'keefe is opening a small sports store in his town. at the advice of a friend who is a bookkeeper, he keeps the receipts of everything he purchases for the business in the bottom drawer of his desk, along with all other business expenses, such as his retail license, his rent expense, and insurance expense. you suggest that _______.

Answer 1

Phil invests some time in exploring an accounting system that will make it easier to classify and summarize accounting information. In addition, it is almost unmanageable to successfully run a business deprived of make use of an accounting system to record, classify and summarize financial events and dealings.