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What is gaap and why is it important

Question 1: What is GAAP and why is it important? Name one GAAP that people see in action every day in the workplace.

Question 2: What is the Accounting Equation? Does it always have to balance, if so why? Are there exceptions to this general rule? If so, what are they?

Question 3: How do the following business entities relate to each other and how are they different? Proprietorship, Partnership, and Corporation.

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Accounting Basics: What is gaap and why is it important

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