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Jaquida Pittman March 30, 2010 Chapter 14 Assignments FIN 101 Kathy Ashman Personal Finance in Practice Year 1= (2500*10% = 250) 250 + 2500 = 2750 2 = (2750+2500 = 5250 x 10%=525) 525 + 5250 = 5775 3 = (5775+2500 = 8275 * 10%= 828) 828+ 8275 = 9103 4 = (9103+2500 = 11603

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Generally Accepted Accounting Principles Generally Accepted Accounting Principles Generally Accepted Accounting Principles, also known as GAAP, is a set of rules and guidelines for accounting standards, used by accountants to prepare financial statements and to summarize and record transactions. GAAP rules are used by most organizations to report transactions. This allows a consistency in organization??™s