Purposes of accounting record keeping:
1. Establishing accountability for the assets and/or transactions under an individual's control.
2. Keeping track of routine business activities-such as the amounts of money in company bank accounts, amounts due from credit customer, or amounts owed to suppliers.
3. Obtaining detailed information about a particular transaction.
4. Evaluating the efficiency and performance of various departments within the organization.
5. Maintaining documentary evidence of the company's business activities. (For example, tax laws require companies to maintain accounting records supporting the amounts reported in tax returns.)