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What is accounting-what is the importance of accounting

Questions:

PART I

Briefly define and/or discuss the terms listed below. Use your own words. Use the background material, but it is also acceptable to use the library or other Internet resources. Explain why these concepts are important for financial accounting.

PART II

Review the three components in the background material to answer three questions about accounting and its purpose:

• What is accounting?
• What is the importance of accounting?
• What are corporate financial statements?

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Accounting Basics: What is accounting-what is the importance of accounting

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