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Accounting Basic Principals and Personal Accounting

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Accounting has been defined as (by Professor of Accounting at the University of Michigan William) a pattern of having one basic function: "facilitating the administration of economic activity. This function has two closely related phases: 1) measuring and arraying economic data; and 2) communicating the results of this process to interested parties."

With GAAP, if GAAP is not the principles used for preparing financial statements, then a busines...

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