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1- For which classification of users are financial statements prepared? What characteristic of these users...

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Accounting

1- For which classification of users are financial statements prepared? What characteristic of these users makes the development of generally accepted accounting principles necessary?

2- Describe the three concepts from the Conceptual Framework that work together to create accrual accounting.

3- Where do expenses belong in the accounting equation? How does an increase in an expense affect the accounting equation, assuming the expense was paid in cash.

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