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When revenue exceeds expenses, an organization's net worth
GAAP
Generally Accepted Accounting Principles, a set of rules and standards for financial reporting and accounting practices in the United States.
Disclaimer of Opinion
An auditor's statement indicating inability to express an opinion on the fairness of financial statements due to limited information or uncertainties.
Adverse Opinion
An auditor's opinion indicating that a company's financial statements do not fairly represent its financial position, results of operations, or cash flows, often due to misstatements or non-compliance with accounting standards.
GAAP
GAAP (Generally Accepted Accounting Principles) are standardized guidelines for accounting practices and financial reporting in the United States.
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