Examlex
The Institute of Management Accountants (IMA) established ethical standards for accountants known as the Statement of Ethical Professional Practice. Briefly describe the four standards.
Financial Statements
Reports that summarize the financial performance, position, and cash flows of a business over a specific period.
Net Income
The total profit of a business after all expenses, including taxes and interest, have been deducted from revenue, reflecting the company's profitability.
Liabilities
Financial obligations or debts that a company owes to others, which must be settled over time through the transfer of economic benefits including money, goods, or services.
Prepaid Insurance
Payments made in advance for insurance services, which is recorded as an asset on the balance sheet and expensed over the period the insurance coverage is applicable.
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