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When preparing financial statements under Generally Accepted Accounting Principles (GAAP) we have a measurement or...

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Accounting

When preparing financial statements under Generally Accepted Accounting Principles (GAAP) we have a measurement or dollar valuation issues we must always consider. It is called Conservatism. What is conservatism in accounting and how does it work? What impact does this issue have on the preparation of the GAAP basis financial statements?

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