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Accounting and Finance
@accounting_00
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Accounting and Finance (English)
Are you a student or professional looking to enhance your knowledge of accounting and finance? Look no further than the 'Accounting and Finance' Telegram channel, managed by the username @accounting_00. This channel is dedicated to providing valuable resources such as accounting quizzes and notes to help you excel in your studies or career in the finance industry. Whether you are preparing for an exam or simply want to stay updated on the latest trends in accounting, this channel has got you covered.
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Accounting and Finance
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Accounting and Finance
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GAAP
It stands for Generally Accepted Accounting Principles. GAAP is a cluster of accounting standards and common industry usage that have been developed over many years. It is used by organizations to:
1. Properly organize their financial information into accounting records;
2. Summarize the accounting records into financial statements; and
3. Disclose certain supporting information.
One of the reasons for using GAAP is so that anyone reading the financial statements of multiple companies has a reasonable basis for comparison, since all companies using GAAP have created their financial statements using the same set of rules.
It stands for Generally Accepted Accounting Principles. GAAP is a cluster of accounting standards and common industry usage that have been developed over many years. It is used by organizations to:
1. Properly organize their financial information into accounting records;
2. Summarize the accounting records into financial statements; and
3. Disclose certain supporting information.
One of the reasons for using GAAP is so that anyone reading the financial statements of multiple companies has a reasonable basis for comparison, since all companies using GAAP have created their financial statements using the same set of rules.
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