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Read the "FAS 117 Summary" (and any other research you do on your own) and...

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Accounting

Read the "FAS 117 Summary" (and any other research you do on your own) and comment on the following: The Statement 117 requires a statement of financial position, a statement of activities, and a statement of cash flows. This standard has been in place since 1993. What updates have been made since that time? Explain in your own words why the financial statements discussed in 117 are necessary

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