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    Knowledge of Accounting

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    I need help with the following question:

    Discuss how knowledge of accounting is vital to the success of a business. Some specific functions that you might want to include are internal auditing, external auditing, managerial accounting, taxation, knowledge of GAAP, and safeguarding assets.

    I also need references.

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    Solution Preview

    Knowledge of accounting is extremely important for successfully and efficiently running a business because good knowledge of accounting helps an owner to correctly assess the financial position of an organization, its profitability and allows him to allocate limited resources in the best possible manner.

    Accounting areas such ...

    Solution Summary

    The knowledge of accounting is examined.