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Accounting Standards
Formal guidelines and principles designed to improve the transparency and consistency of financial reporting and accounting practices.
Financial Statements
Financial statements are formal records of an entity's financial activities and position, including the balance sheet, income statement, and cash flow statement.
FASB
The Financial Accounting Standards Board, an organization responsible for establishing accounting and financial reporting standards in the United States.
Single-Entry Accounting
An accounting system in which the flow of income and expenses is recorded in a running log, basically like a checkbook.
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