What are the benefits of keeping track of personal transactions – income and expenses – in an organized manner?

This assignment has 3 parts:

Every business or organization must utilize accounting to record, summarize and report business transactions.  While the focus in this course is the use of accounting within a business, the same concepts can be used on a personal level.  

How can you use accounting to manage your personal finances? 
What are the benefits of keeping track of personal transactions – income and expenses – in an organized manner?  
What are some of the possible risks if you don’t keep track of personal transactions?

 
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