Term
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Definition
| Cash payments to stockholders |
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Term
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Definition
| Measurment of business activities of a company and communication of those measurements to external parties for decision-making purposes |
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Term
| Financial Accounting Standards Board (FASB) |
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Definition
| An independent, private body that has primary responsibility for the establishment of GAAP in the United States |
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Term
| Generally accepted accounting principles (GAAP) |
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Definition
| The rules of financial accounting |
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Term
| International Accounting Standards Board (IASB) |
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Definition
| An international accounting standard-setting body responsible for the convergence of accounting standards worldwide |
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Term
| Income Statement, Statement of Stockholders' Equity, and The Balance Sheet |
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Definition
| The order the financial statements are prepared? |
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Term
| International Financial Reporting Standards (IFRS) |
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Definition
| The standards being developed and promoted by the International Accounting Standards Board |
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Term
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Definition
| The economic life of an enterprise )presumed to be indefinite) can be divided into artificial time periods for financial reporting |
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Term
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Definition
| A unit or scale of measurement can be used to measure financial statement of elements |
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Term
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Definition
| In the absence of information to the contrary, a business entity will continue to operate indefinitely |
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Term
| Economic entity assumption |
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Definition
| All economic events with a particular economic entity can be identified |
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Term
| Revenue recognition principle |
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Definition
| Record revenue in the period in which it's earned |
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Term
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Definition
| Recognize expenses in the same period as the revenues they help to generate |
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