Examlex
How might equity theory explain employee theft?
GAAP
The standard framework of guidelines for financial accounting employed within any specific jurisdiction, known as Generally Accepted Accounting Principles.
Principles-based
A system of accounting that is based on broad principles and guidelines, allowing for professional judgment and flexibility in financial reporting.
Rules-based
A regulatory approach that relies on detailed and specific standards for compliance, often contrasted with principles-based systems.
Bargain Purchase Option
A lease provision that allows the lessee to purchase the leased property at a price significantly lower than its expected fair market value at the end of the lease term.
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