Question: 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

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.
Question 2: Is there a difference between bookkeeping and accounting? Discuss.
Question 3: Accounting reports past performance. How can this be useful when planning future operations?

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