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The need for project accounting arose as being a specialised field from the character of projects getting handled as independent short term individualised entities put in place for the purpose of providing a number of organization products and solutions.[3] As the character of each and every project can be various on the enterprise-as-normal actions operate from the a fantastic read organization; existent administration accounting and monetary accounting competencies ended up recognised as inadequate to correctly recommend on the treatment method and economical reporting of a project. Consequently, a completely new subject emerged within the accounting sphere – project accounting.[one]

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