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Respond to the following in a minimum of 175 words: Discuss generally accepted accounting principles, or GAAP. How do accounting principles become generally accepted, and

Respond to the following in a minimum of 175 words:

Discuss generally accepted accounting principles, or GAAP. How do accounting principles become generally accepted, and how are accountants made aware of these principles? What are the negative consequences, if any, that an account can expect who fails to follow GAAP?

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