INTRODUCTION TO ENTREPRENEURSHIP
IMPORTANCE OF ENTREPRENEURSHIP IN ECONOMIC DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Entrepreneurs need to know the basics of accounting even if they hire a professional because
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the entrepreneur will be able to have the same level of expertise.
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the entrepreneur will need to understand the financial reports.
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the entrepreneur no longer needs to pay attention to accounting.
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the entrepreneur will need to tell the accountant what information is required.
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Explanation:
Detailed explanation-1: -The business entity principle requires that the business and its financial transactions remain separate and distinct from the owner’s personal financial transactions.
Detailed explanation-2: -The knowledge of accounting terms and concepts facilitates one to understand the financial information provided by the company. Also, the potential shareholders can make a better decision if they are aware of such terms and concepts by analyzing its financials.
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