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Describe the five major GAAP that accountants must consider when presenting information: The 5 major GAAP's and Definitions: Exchange- price (or cost) principle Revenue recognition

Describe the five major GAAP that accountants must consider when presenting information:

The 5 major GAAP's and Definitions:

Exchange- price (or cost) principle

Revenue recognition principle

Matching principle

Gain and Loss recognition principle

Full disclosure principle

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