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Mr. Saeed has a small bakery in Matrah; he believes it is foolish to report financial information on a yearly basis. Instead, he thinks that
- Mr. Saeed has a small bakery in Matrah; he believes it is foolish to report financial information on a yearly basis. Instead, he thinks that financial information should be disclosed only when significant new information is available related to his business. Can Mr. Saeed ignore the daily transactions that may occur in his business? Explain the reason by justifying the result which relates to GAAP. (1 Mark)
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Financial Accounting International Edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel
6th Edition
978-0470623275
