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Why is it important that FINANCIAL accounting provide a common set of standards that are used by all companies in preparing their financial statements? To

Why is it important that FINANCIAL accounting provide a common set of standards that are used by all companies in preparing their financial statements? To provide standardized data used in computing government statistics? So that income taxes can be collected in a fair and equitable fashion? So that outsiders can compare financial reports coming from many different companies? To serve the competitive needs of companies working to uniquely serve specific customers in specific markets?

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