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Such a accounting delivers data to current, future and likely shareholders and creditors like vendors or banking companies, financial analysts, economists and many government businesses. Given that these individuals or clients have different needs and prerequisites, along with the presentation of financial accounts is incredibly ready, planned, structured and topic to lots of far more principles than management accounting. And this body of principles that administers money accounting in the specified jurisdiction is termed Frequently Accepted Accounting Ideas abbreviated as GAAP.
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