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1 discussion question: What are Generally Accepted Accounting Principles (GAAP)? Why are they important?

1 discussion question: What are Generally Accepted Accounting Principles (GAAP)? Why are they important?

Question:
What are Generally Accepted Accounting Principles (GAAP)? Why are they important? Please answer with 1-2 paragraphs and cite sources properly with no plagerism.
Due tomorrow evening.

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