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

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While financial accounting and tax accounting both require recordkeeping, they differ in their focus and rules. Financial accounting aims to provide information for external parties such as investors and creditors, while tax accounting is concerned with calculating and reporting taxes owed to the government. As a result, the two systems have different standards for classification, depreciation, and other areas, which can lead to different results.

Financial Accounting and Tax Accounting Require the Same Recordkeeping; Therefore,there