Question: 1: What is the accounting equation? Why is this important to the practice of accounting? Please provide an example of how the accounting equation works

1: What is the accounting equation? Why is this important to the practice of accounting? Please provide an example of how the accounting equation works with recording transactions within a business.2: Is there a difference between bookkeeping and accounting? Discuss.
3: Accounting reports past performance. How can this be useful when planning future operations?

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