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A. Learning Task 1
Instructions: Pick out from the box the importance of keeping business
records as described in each item. Use the answer sheet provided.

a. monitor the progress of the business
b. prepare the financial statements
c. identify sources of income
d. keep track of the deductible expenses
e. keep track the basis in property

1. The good records need to prepare accurate financial statement.

2. The good records need to monitor the progress of a business.

3. The good records can identify the sources of income.

4. The good records can be a basis to figure gain or loss on disposition of
property.​