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Business uses accounting as its language and provides information about its financial performance to various internal and external users for decision making. In order to make accounting information meaningful, it is important that such information’s are reliable as well as comparable. As accounting statements disclose the profitability and solvency of the business to various users it is important that such financial statements should be prepared on a uniform basis according to some standard language and set of rules. These rules are usually called as ‘Generally accepted accounting principles (GAAP)’.

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