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JOANN HARRIS
on Nov 09, 2024

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Generally accepted accounting principles are intended to create financial statement formats that are unique to each industry.

Generally Accepted Accounting Principles

A collection of commonly-followed accounting rules and standards for financial reporting.

Financial Statement Formats

The specific layout and organization of information within financial documents, such as balance sheets and income statements, which comply with accounting standards.

  • Understand the purpose and importance of financial statements in a business.
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caroline listonNov 13, 2024
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