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    Generally Accepted Accounting Principles

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    Discuss the terms listed below. Explain why these concepts are important to financial statements.

    Generally Accepted Accounting Principles (US GAAP);
    International Accounting Standards (IFRS); and
    Liquidity.

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    https://brainmass.com/business/business-math/generally-accepted-accounting-principle-problems-453407

    Solution Preview

    Please see the below for the complete tutorial. Thank you for the opportunity to be of assistance and of course, the opportunity to learn as well.
    Anna, 108710

    In my own words

    Generally accepted accounting principles (GAAP) are the fundamental concepts that govern how entities should record their transactions. These principles set out ...

    Solution Summary

    This solution discussed generally accepted accounting problems.

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