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1-Choose 1 generally accepted accounting principle (GAAP) and explain the principle in detail. 2-Give an example of how this chosen principle affect the financial reporting
1-Choose 1 generally accepted accounting principle (GAAP) and explain the principle in detail.
2-Give an example of how this chosen principle affect the financial reporting process. You can explain by giving an example of a transaction, by showing journal entries or adjusting entries, or you can give examples of how accounts are classified (as an expense or an asset forexample) according to that principle.
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