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Q.1 Explain the ways in which the needs of internal and external users of accounting information are the same and different.Q.2 Why is it important for financial statements and other external reports to be based on generally accepted accounting principlesQ.3 Describe the respective roles of the Securities and Exchange Commission (SEC) and the Internal Revenue Service (IRS) in the setting of accounting standards?
Suppose that Oxford Inc. is interested in the two new products, AME and CGK. Because of its capital budget constraint, it can only launch one new product line. Eric just graduated
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