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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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This solution discussed generally accepted accounting problems.

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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 ...

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