Question

Describe the record keeping system you intend to set up for your business. Why did you choose that particular system? Would you rather keep your financial records in an accounting ledger or on your computer? Why? In each case, how would you protect your records from being lost in a disaster, such as a fire, or, in the case of the computer, a hard-drive crash?

Answer 1

I would rather keep my financial records in a Computer?I know what you mean when you asked how would you protect your records from being lost in the disasters such as fire or in the case of a computer hard drive crashed, well I know what you mean because you don’t always take your computer every way with you But I think it’s better to keep it into a computer

Answer 2

Step-by-step explanation:

Double Entry Book Keeping is the system I would intend to set up for my business because in this system every entry is recorded twice, once it is debited. The second time it is credited allowing more correct business data to be registered as the debit side must match the credit side at the end of all entries are recorded correctly. I would keep my accounting ledger because in the computer there is a risk of data being stolen, and virus threats, as well as hard disk crash, formats all the data as the new hard disk is to be installed. I would keep my ledger accounts in a file in which papers are put in between plastic and if each piece of paper would be in plastic wrapped then it would be safe from water, and termites and much safer.