Question: Why is it important that accounting reports be prepared according to specific procedures (the Generally Accepted Accounting Principles, or GAAP)? Who uses the information, and

Why is it important that accounting reports be prepared according to

Why is it important that accounting reports be prepared according to specific procedures (the Generally Accepted Accounting Principles, or GAAP)? Who uses the information, and for what reasons? Do you think it would be a good idea to allow flexibility to businesses in preparing their financial statements? Why or why not

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