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Although owners of the business, which are often individual proprietors or an incredible number of shareholders are many concerned with the summaries of the transactions, contained in the financial record.

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This purpose has actually two closely related levels: 1) measuring and arraying economic information; and 2) interacting the outcomes with this procedure to interested events.” Accounting is defined as, by Professor of Accounting at the University of Michigan William The Paton as having one standard purpose: “facilitating the administration of economic task.

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