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The accounting profession has adopted a set of generally accepted accounting principles (GAAP). A key...

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Accounting

The accounting profession has adopted a set of generally accepted accounting principles (GAAP). A key goal of these principles
is to:
provide external stakeholders with relevant and reliable information about a firm's financial condition.
provide the company's managers with access to sensitive proprietary financial information while preventing
competitors from obtaining this information.
ensure that the firm's value is fairly assessed and that its taxes are fair but not excessive.
create a fair distribution of corporate income among various stakehotders.
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