Create an account
the possibility of conflict of interest between the owners and management of the firm
expenses charged against revenues that do not directly affect cash flow, such as depreciation.
generally accepted accounting principles [G A A P]
the common set of standards and procedures by which audited financial statements are prepared.
a standardized financial statement presenting all items in percentage terms. balance sheet items are shown as percentage of assets and income statement items as a percentage of sales.
interest earned on both the initial principal and the interest reinvested from prior periods.
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