AUDIT AND FINANCIAL ACCOUNTING, DIFFERENCES AND THEIR SIMILARITIES

Feb 3rd, 2012
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University of Oxford
Course: finance and management
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Financial accountancy is governed by both local and international accounting standards. GAAP (which stands for Generally Accepted Accounting Principles) is the standard framework for guidelines for financial accounting used in any given jurisdiction. It includes the standards, conventions and rules that accountants follow in recording and summarising and in the preparation of financial statements

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