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According to Smith and Ashburne, “Accounting may be the science of recording and classifying organization transactions and situations, principally of a financial character and also the artwork of creating important summaries, Examination and interpretations of these transactions and situations and speaking the outcome to persons who should get co

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Why this accounting principle matters: This is another guideline in your reporting timeline. It causes it to be much easier for stakeholders to be aware of and Examine overall performance since it separates it into small periods of time. In addition, it can make it less complicated for them to determine one of the most current financial data.The ac

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