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This kind of accounting supplies facts to current, potential and prospective shareholders and also creditors for example distributors or banking institutions, fiscal analysts, economists and a variety of govt companies. Given that these customers or customers have various needs and prerequisites, plus the presentation of financial accounts is amazingly geared up, planned, structured and issue to a lot of much more procedures than management accounting. Which human body of policies that administers monetary accounting in a very specified jurisdiction known as Normally Recognized Accounting Ideas abbreviated as GAAP.
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