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The need for project accounting arose like a specialised subject from the character of projects currently being handled as different short-term individualised entities create for the purpose of offering a number of small business items.[3] As the character of every project might be various for the enterprise-as-standard pursuits operate by the company; existent administration accounting and financial accounting capabilities were being recognised as inadequate to properly recommend about the remedy and financial reporting of the project. As a result, a brand new field emerged throughout the accounting sphere – project accounting.[1]
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