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As the textbook illustrates, The primary function of financial reporting is to provide information useful for making investment and lending decisions. To be useful, information
As the textbook illustrates, "The primary function of financial reporting is to provide information useful for making investment and lending decisions. To be useful, information must be relevant, reliable, and comparable." Describe two of the basic concepts or principles that fall under GAAP and which accountants use to ensure that financial information is "useful."
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