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What is absolute dating, and what is it based on? What can absolute dating tell us?
Comprehensive Income
Total change in equity for a reporting period that includes all non-owner changes in equity, not just those resulting from net income.
Net Income Statement
A financial statement that shows a company's revenue and expenses over a specific period, leading to the net income or profit.
Accrual Basis
An accounting method where revenue and expenses are recorded when they are earned or incurred, regardless of when the cash transaction happens.
Revenue Recognition
The accounting principle that dictates the specific conditions under which income becomes realized as revenue.
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