Because of growing customer demand, Dave and Michelle want to double the size of their store. How can accounting help?

What will be an ideal response?

Dave and Michelle will need to review the company's financial information and possibly enlist outside consultants before moving ahead. Accounting helps business managers make well-informed decisions about the financial needs of a company. Accounting involves tracking a business's income and expenses through a process of recording financial transactions. The transactions are then summarized into key financial reports that are further used to evaluate the business's current and expected financial status. Accounting defines the heart and soul of a business as it helps to "account for" what the business has done, what it is currently doing, and what it has the potential to do.