“Truth in Accounting released its second Financial State of the Cities report, a comprehensive analysis of the fiscal health of 75 of the nation’s 77 most populous cities … As it turned out no city in New Jersey made the list. The reason … However, TIA was unable to rank and grade two of the most populous cities—Newark and Jersey City in New Jersey—because they do not issue annual financial reports that follow generally accepted accounting principles, or GAAP. …”
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