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Basic Accounting Principles

If everyone involved in the accounting process followed their own system, or no system at all, honestly, there’d be no way to tell whether a company was profitable. Most companies follow generally accepted accounting principles or GAAP; considerable tomes in libraries and bookstores are devoted to this topic. Unless a company states otherwise, anyone reading a financial statement can assume that the company has used GAAP.

https://edbarton.com/what-are-basic-accounting-principles/

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