Financial accounting and tax accounting require the same recordkeeping and there should be no difference in results between the two accounting systems.

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Financial accounting and tax accounting have different principles and regulations, which can result in differences in recordkeeping and reporting. Tax accounting focuses on compliance with tax laws and regulations, while financial accounting is concerned with providing accurate financial information for decision-making purposes. Therefore, the two systems may have different results even though they use similar recordkeeping practices.

Financial Accounting and Tax Accounting Require the Same Recordkeeping and There