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Intermediate Financial Reporting 1. What do you understand by Generally Accepted Accounting Principles (GAAP)? Why is GAAP important? What are the principles of GAAP applicable

Intermediate Financial Reporting

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1. What do you understand by Generally Accepted Accounting Principles (GAAP)? Why is GAAP important? What are the principles of GAAP applicable to small and medium sized businesses in Canada? 2. Describe conditions for revenue recognition under ASPE and IFRS

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