Accounting Cycles (Minimum 200 words)

Assignment Details

This assignment has 3 parts:

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?