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Suppose you're pitching in a baseball game and facing a good hitter. You remember that you struck him out with a fastball the last time he was up. You also remember that your coach told you always to try to be unpredictable, so you decide to throw a curve ball this time. In making this decision, you are primarily using your
GAAP
Generally Accepted Accounting Principles, which are a set of accounting standards and procedures used to prepare financial statements in the US.
Statement of Activities
A financial report summarizing a nonprofit organization's revenues, expenses, and changes in net assets for a specific period.
Supporting Service Costs
Expenses related to activities that do not directly contribute to a company's primary business operations but support the overall functionality and efficiency of the business.
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