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Deviation from GAAP

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Is it possible to deviate from Generally Accepted Accounting Principles (GAAP) and the accounting cycle and still prepare financial statements? What are some possible consequences of this course of action?

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Solution Summary

This solution examines the possibility of deviating from Generally Accepted Accounting Principles (GAAP) and the accounting cycle and still prepare financial statements. It also responds to the question: What are some possible consequences of this course of action?

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