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Why is record keeping still necessary after adopting mobile payment in handicrafts?

Answer and explanation

Correct answer: To maintain a clear account of transactions, expenses and profit

Mobile payment records a transaction digitally, but a complete business record must also track sales, raw-material costs, wages, pending payments and profit. This helps a craftsperson review income and expenses and set appropriate prices. Remembering an app password is not the purpose of record keeping. Exam tip: When stating its benefits, mention sales, expenses and profit together.

Related tags

HandicraftsMobile PaymentsRecord KeepingFinancial ManagementTraditional OccupationsTraditional Occupations In India HandicraftsWorkLivelihood And CareerWork Livelihood And Career

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