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Generally accepted accounting principles

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DBusby | 11:30 Mon 20th Oct 2003 | How it Works
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Why does GAAP exist?
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Because otherwise each Accountant might choose their own way of preparing accounts, especially as regards tricky items of income, expenditure, capital etc. It would then not only be difficult to assess the actual viability and performance of individual commercial enterprises, but practically impossible to compare the financial standing and performance of different enterprises.
12:34 Mon 20th Oct 2003

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Generally accepted accounting principles

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