Amy and Jay Golden have worked for five years in a firm
specializing in restoration of historical buildings. Amy has
focused on interior reconditioning and Jay on architectural and
structural design. They have specialized in residential structures
for the past two years, and are thinking of forming their own
residential restoration firm. They plan to do all the structural
and decorative design, and subcontract the actual construction and
decorative work. One of their concerns is to have an accounting
system in place when they begin their business. You have been asked
to assist them by answering the following questions. Required: (1)
Since we have a very basic service-type firm, can a simple
accounting system be developed?
(2) What kinds of information does the accounting system need to
collect?
Question 2:
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