This kind of accounting delivers information and facts to current, possible and likely shareholders together with creditors for instance sellers or financial institutions, money analysts, economists and numerous government agencies. Considering that these consumers or shoppers have different wants and demands, plus the presentation of financial accounts is incredibly ready, prepared, structured and subject matter to quite a few far more guidelines than management accounting. And this body of principles that administers fiscal accounting inside a specified jurisdiction known as Commonly Recognized Accounting Rules abbreviated as GAAP.
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