Why is accuracy important in accounting?

• It helps in preparing the financial statements rapidly and also accurately
• It gives information to implement the control of cash in any business.
• It highly contributes to assessing the financial condition of the business at any point in time.
• It keeps a proper track of the expenditure on staff and also their performance.
• It accurately measures the business performance in contrast to the projections in the business strategy.
• It quickly highlights those areas where trouble could arise and even it enables cure to put the problem back in place
• It completely fulfills the tax obligations.
• It assists us in calculating the amount of tax we have to pay.

Go through this tax accountant interview question very thoroughly