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#cfa-level-1 #reading-23-financial-reporting-mechanics
Although almost every company has certain accounts, such as cash, each company specifies the accounts in its accounting system based on its particular needs and circumstances.
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3.1. Financial Statement Elements and Accounts
nt. Exhibit 2 provides a listing of common accounts. These accounts will be described throughout this reading or in following readings. Unlike the financial statement elements, there is no standard set of accounts applicable to all companies. <span>Although almost every company has certain accounts, such as cash, each company specifies the accounts in its accounting system based on its particular needs and circumstances. For example, a company in the restaurant business may not be involved in trading securities and, therefore, may not need an account to record such an activity. Furthermore, each company


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