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In order for the financial statements of a particular entity to be presented fairly in accordance with generally accepted accounting principles, the selected principles are

In order for the financial statements of a particular entity to be presented fairly in accordance with generally accepted accounting principles, the selected principles are not required to:

Are appropriate to the circumstances for the particular entity.

Reflect transactions in a manner that presents the financial statements within an acceptable range of limits.

Present information in the financial statements that is reasonably classified and summarized.

They are applied on a consistent basis with those followed in the previous year.

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