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Generally Accepted Accounting Principles And The Federal Meat Inspection Act

319 Words2 Pages
Principle is a set of rules people follow in order to have a disciplined and just society. A principle can be rules related to business such as GAAP (Generally Accepted Accounting Principles), where public traded companies are required to follow a strict set of standards to report annual financial reportings to investors. A repercussion in which we all recalled was the 1929 Great Depression when companies' financial figures were unregulated, and businesses could report fake numbers to attract investors. Principles provide uniformity such as the meeting strict guidelines that protect our health. One of them is the Federal Meat Inspection Act sponsored by the USDA. This law guarantees the quality of meat in the United States; ensures that the
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