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Generally Accepted Accounting Principles: Identify whether the following statements are true or false and explain a. GAAP can differ from one country to another. b.

Generally Accepted Accounting Principles: Identify whether the following statements are true or false and explain

a. GAAP can differ from one country to another.

b. U.S. GAAP is established by the FASB.

c. U.S. GAAP is a guide to action that may change over time.

d. At this time there is no international counterpart to the FASB.

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