Elance Exams Answers PDF file

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What is GAAP, and why is it important?

Greatly Anticipated Accounting Principles; These principles were set because the IRS is anticipating payment.
Generally Accepted Accounting Principles; It is important because it is responsible for standardizing accounting procedures.
Greatly Appreciated Accounting Practices; It is important because the IRS appreciates your taxes.
Generally Acknowledged Accounting Principles; It is important because taxation isn't an exact science and the goal is to be approximate in tax payment.
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