I need a response to this student's post, it must include citations. Thank You for your help.

Accounting records include records of assets and liabilities, monetary transactions, ledgers, journals, and any supporting documents such as checks, receipts, and invoices (Rey, p1). There are several reasons for every business to keep detailed accounting records. Businesses are required by law to maintain accurate financial records. Failure to do so can result in penalties or fines. Proper accounting records are essential for calculating and paying taxes. Detailed records help business owners and managers make informed decisions about the financial health of their company. Financial records provide valuable information for forecasting and planning for the future (Kenton, p1). Potential investors or lenders may request to see a company's financial records before making a decision to invest or lend money. Accurate and detailed accounting records can help establish a business's credibility and instill confidence in potential investors.

Works Cited:

Kenton, W. (May 11, 2021). Accounting Records: Definition, What They Include, and Types. Investopedia

https://www.investopedia.com/terms/a/accounting-records.asp

Rey, J. (April 3, 2023). Accounting Terms Lecture. D2L, Brazosport.edu

https://mediasite.brazosport.edu/Mediasite/Play/d95a0ec107064d5bb59c176f5f0f06b51d