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Financial statements are prepared in accordance with what? What governing bodies set accounting standards? Why do you think financial statements are required to be prepared using the same standards?
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This assignment includes around the topic financial statements and accounting standards of USA. The accounting standards generally used in forming financial statements is discussed along with the reason financial statements should be using a general and standard accounting system. Focusing on the question the answers are formed around the accounting system and standards used in financial system.
What entry must Sam's Painting Service make on December 31 before financial statements are prepared?
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