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QUESTION THREE a) What is the benefit of having a single set of accounting standards. (5 marks) b) Briefly explain the Generally acceptable accounting Principles

QUESTION THREE

a) What is the benefit of having a single set of accounting standards. (5 marks)

b) Briefly explain the Generally acceptable accounting Principles (GAAP) (10 MARKS)

c) Describe the five financial statements and how they are prepared. (5 marks)

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