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Accounting Entities
Organizations, businesses, or units for which separate financial statements are prepared, distinct from any other economic activities.
Generally Accepted Accounting Principles
A standard framework of guidelines for financial accounting that includes the details, complexities, and legalities of business and corporate accounting.
Audit
An evaluation, typically by an independent entity, to ensure that an organization's financial records and statements are accurate and in accordance with laws and regulations.
Financial Statements
Compiled documents that present an organization’s financial activity and condition, typically including the balance sheet, income statement, and statement of cash flows.
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