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The need for project accounting arose as being a specialised discipline from the character of projects staying handled as independent short-term individualised entities set up for the purpose of providing one or more business products.[three] As the nature of every project could possibly be various to your business-as-standard actions run with the business enterprise; existent management accounting and monetary accounting skills ended up recognised as inadequate to properly recommend within the treatment method and economical reporting of the project. That's why, a different area emerged within the accounting sphere – project accounting.[one]
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