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Such a accounting delivers data to existing, possible and likely shareholders in addition to creditors which include distributors or banking institutions, financial analysts, economists and various government businesses. Since these individuals or consumers have various requirements and needs, as well as the presentation of financial accounts is incredibly ready, prepared, structured and matter to numerous more principles than management accounting. Which entire body of procedures that administers monetary accounting in a specified jurisdiction known as Frequently Approved Accounting Rules abbreviated as GAAP.

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