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Financial Statement information plays an important role in modern society and business. (1.) What is GAAP? Not what does G-A-A-P stand for, but what is

Financial Statement information plays an important role in modern society and business.

(1.) What is GAAP? Not what does G-A-A-P stand for, but what is it in your own words?

(2.) Name 3 organizations that have primary responsibility for the formulation of GAAP?

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