Term
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Definition
| The collection, identification, and measurement of financial information. |
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Term
| Objective of General Purpose Financial Reporting |
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Definition
| Providing FINANCIAL INFO about the REPORTING ENTITY that is USEFUL to PRESENT and POTENTIAL equity investors, lenders, and other creditors in making DECISIONS about providing RESOURCES to the ENTITY |
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Term
| SEC (it has legal authority) |
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Definition
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Term
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Definition
| Who can tell companies they have a deficiency? |
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Term
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Definition
| The process that culminates in the preparation of financial reports on the enterprise for use by both internal and external parties. |
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Term
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Definition
| The process of gathering financial info needed by management to plan, control, and evaluate a company's ops. |
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Term
| Most frequently provided financial statements |
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Definition
1. Balance Sheet
2. The Income Statement
3. Statement of Cash Flows
4. Statement of SE |
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