Question

Your friend is always late paying their bills. You understand the importance of keeping good financial records. Give your friend three reasons they should become better organized.

Answer 1

One reason is they could get in trouble or get their bank account shut down. Another reason is the bank could also take down their house. The last reason is that their credit score would be low and banks won't want to except him in.

Answer 2

The answers are explained below.

Step-by-step explanation:

Prepare your financial statements are necessary to prepare correct financial statements.

Keep track of deductible expenses is also important; if the friend doesn't do so, he or she may forget expenses at the moment of preparing the tax return.

Knowing one's financial situation in order to know how much money we spend or earn during a specific period of time.