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Describe the role of financial accounting in business

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Reference no: EM131641064

Write a 1,000 - 1,250 word paper on the following topic:

Describe the role of financial accounting in contemporary business.  Provide one specific, real-life example of how financial accounting helps external stakeholders make informed decisions.  Also, describe the role Generally Accepted Accounting Principles (GAAP) and the Financial Accounting Standards Board (FASB) plays in financial reporting in the United States.

Reference no: EM131641064

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