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Wednesday, May 11, 2011

Accountancy methods and rules

Both shareholders and managers need a permanent flux of financial information about their business and accountancy is the specialized activity that gathers processes and supplies such data in the form of financial statements that show in money terms relevant and reliable evolutions of the economic resources of an economic entity.

The set of rules that governs financial accounting in the US is called Generally Accepted Accounting Principles, or GAAP.

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