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If two uncharged objects are rubbed together and one of them acquires a positive charge then the other one
GAAP
Generally Accepted Accounting Principles, a common set of accounting rules and standards used in financial reporting.
Financial Statements
Formal records of the financial activities and position of a business, person, or other entity, essential for assessing financial health.
Audited
The process of officially inspecting an individual's or organization's accounts by an independent body to ensure accuracy and compliance with laws and regulations.
Non-cash Items
Expenses or incomes recorded in the income statement which do not involve actual cash flow, such as depreciation, stock-based compensation, or provisions.
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