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Guides to action that apply primarily to the process of managerial accounting
Generally accepted accounting principles are Guides to action that apply primarily to the process of financial accounting.
What does accounting principles mean?
The word Generally accepted accounting principles, or GAAP, is known to be a set of standards that is made up of the details, and other legalities of business and corporate accounting.
The Financial Accounting Standards Board (FASB) is known to be one that uses GAAP as the framework for its set of approved accounting methods and practices in business.
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