accounting is important to each of them. 7 Copy and complete the following table by entering 'true' or 'false' for each statement. Statement 1 There is no difference between accounting and book-keeping. 2 Accounting is only carried out at the end of a financial year. 3 Managers can use financial data to define and analyse the opportunities and challenges that a business faces. 4 The statement of financial position is used to calculate the profit of a business. 5 Business profit is often compared with a competitor's profit.
