Identify the main types of classifications system used, Accounting Basics

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Identify the main types of classifications system used

Problem

Considerable effort been devoted to classifying accounting systems. In some cases, the characteristics of the accounting practices are used as the basis for classification. Identify the main types of classifications system used in accounting and Explain why it is important to classify accounting systems. What are the strengths and weaknesses of each approach to classification?

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Accounting Basics: Identify the main types of classifications system used

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