![]() The use of similar accounting procedures either over time for the same company, or across companies at the same point in time.Īn entity that is legally separate from its owners.įinancial accounting information is provided only when the benefits of doing so exceed the costs. The ability of users to see similarities and differences between two different business activities. Trained individuals hired by a company as a n independent party to express a professional opinion of the conformity of that company's financial statements with GAAP.Ī financial statement that presents the financial position of the company on a particular date. A system of maintaining records of a company's operations and communicating that information to decision makers.Įquation that shows a company's resources (assets) equal creditors' and owners' claims to those resources (liabilities and stockholders' equity).
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