Why are externally presented reports required to be prepared according to generally accepted accounting principles while internally
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Question:
Why are externally presented reports required to be prepared according to generally accepted accounting principles while internally presented managerial accounting reports are not? How can a misstatement in one financial statement, whether intentional or not, affect a presentation in another financial statement? Give an example of an error that occurs on one of the financial statements and the error flows through to a different financial statement.
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