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Foundations of Business - Standalo...

4th Edition
William M. Pride + 2 others
ISBN: 9781285193946

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BuyFindarrow_forward

Foundations of Business - Standalo...

4th Edition
William M. Pride + 2 others
ISBN: 9781285193946
Textbook Problem

What purpose do audits and GAAPs serve in today’s business world?

Summary Introduction

To determine: The major reason do audits and GAAPs serve in today’s business world.

Introduction: Generally Accepted Accounting Principles (GAAP) is a collection of accounting principles and normal industry use that have been produced over numerous years. GAAP is additionally considered as the standard in bookkeeping.

Explanation

The major reason do audits and GAAPs serve in today’s business world are as follows:

A banker, an investor, or any other individual who is thinking about managing a firm will need an exact and understandable report of the organization’s fiscal status on which to base a decision...

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