Currently it is not illegal, immoral [?], or uncommon for a business entity to maintain more than one set of books to record the same set of events for multiple purposes. It happens quite frequently in practice and is often recommended by financial advisors.

Write a brief [2-3 page] paper stating whether accounting systems should be comprised of just one single set of accounting records/books or whether a company should be allowed to continue to use multiple sets of books for varying purposes. Please keep this question is intended to ask about the number of sets of books that a company should be able to use in recording its transactions.