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Figure 8-11
-Refer to Figure 8-11.The length of the line segment connecting points A and B represents
GAAP
A group of standard accounting practices and principles broadly used for reporting financial information.
IFRS
International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board (IASB) that serve as a global framework for preparing financial statements.
Balance Sheet
A balance sheet is a financial statement that summarizes a company's financial position at a specific point in time, detailing assets, liabilities, and shareholders' equity.
Accounting Records
Documentation and books that keep track of all financial transactions, assets, liabilities, equity, revenues, and expenses of an entity.
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