Accounting for IGCSE & O level - Accounting Procedures (Section 20 - No. 11)
The correct classification of expenditures is important because:
It helps to determine the value of the business.
It assists in making important decisions.
It helps the investors to assess the performance.
It helps the business to calculate sales tax.
Explanation
Accurate classification is crucial for presenting a clear picture of financial performance and position.
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