Evolution of Accounting Systems You recently opened a bicycle repair shop, using the family garage as your place of business.

_ You are self-employed. You buy parts for cash and render service for cash.

How much accounting data would you collect?

. You buy parts on credit and you extend credit to some customers. How much accounting data would you collect?
. You wonder how business is progressing this month versus last month and this year versus last year. How much data would you collect?
. You wonder how well you have: done this year versus what you budgeted for this year. How much data would you collect? Why might you prefer the approach in (4) to the approach in (3)? lop2