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These are definitely nine vital measures involved in Accounting cycle. The process of Accounting is crucial for any Business organization because it is usually a medium that helps in identification of revenue and loss in any enterprise.
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In combination with being the largest bankruptcy reorganization in American background, the Enron scandal unquestionably is the greatest audit failure.[sixty five] It involved a monetary scandal of Enron Company as well as their auditors Arthur Andersen, which was disclosed in late 2001.
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Classification of knowledge – It is the entire process of organizing and regulating the info in these kinds of an order needed for its most effective and efficient use.