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Why should the radiator cap never be removed when the engine is hot?
GAAP
Set of accounting standards and principles designed to ensure consistency, fairness, and transparency in financial reporting.
IFRS
International Financial Reporting Standards, a set of accounting principles for reporting financial information used globally.
Time Period Assumption
An accounting principle that states a business operation can be divided into discrete time periods, such as months, quarters, or years for reporting purposes.
GAAP
Generally Accepted Accounting Principles, which are a set of rules and guidelines that companies must follow when preparing their financial statements in the U.S.
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