ACC 557 DQ 2 General Accounting Principles

"General Accounting Principles" Please respond to the following:

"Bookkeeping and accounting are the same." In terms of your role in the provision of financial services, present data to support the accuracy of this statement and support your position.

Analyze the accounting equation as a concept that underpins the work of professional accountants and how an understanding of the equation can impact business decision making.

Answer:

Bookkeeping and accounting share two basic goals:

to keep track of your income and expenses, thereby improving your chances of making a profit

to collect the necessary financial information about your business to file your various tax returns and local tax registration papers

Sounds pretty simple,...