Abstract
It is proved that a commutative ring with 1 1 has the property that every finitely presented module is a summand of a direct sum of cyclic modules if and only if it is locally a generalized valuation ring. A Noetherian ring has this property if and only if it is a direct product of a finite number of Dedekind domains and an Artinian principal ideal ring. Any commutative local ring which is not a generalized valuation ring has finitely presented indecomposable modules requiring arbitrarily large numbers of generators.
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