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Regulations and Rules in the Accounting Practice: There are basic accounting rules that all organizations must follow. The purpose of these rules is to make sure that sound accounting principles are being followed. There are private entity rules and governmental entity rules. Which of the following acronym would best describe these regulations and rules?

Regulations and Rules in the Accounting Practice:  There

are basic accounting     rules that all organizations must follow.  The purpose of these rules is to make sure that sound accounting principles are being followed.  There are private entity rules and governmental entity rules.  Which of the following acronym would best describe these regulations and rules? 

 
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