Result_4_13_2021, 4_34_29 PM.docx - The primary responsibility for external reporting is assigned to financial accounting Users of financial accounting

Result_4_13_2021, 4_34_29 PM.docx - The primary...

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The primary responsibility for external reporting is assigned to financial accounting. Users of financial accounting information, such as bankers, financial institutions, regulatory authorities, the government, and investors, want the accounting data to be accurate so that comparisons can be made easily. Financial accounting is therefore founded on several principles and conventions, such as the separate business entity concept, the

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