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Please Define the Following Key Terms

question 75

Essay

Please define the following key terms. Show Who? What? Where? When? Why Important?
-Vikings


Definitions:

GAAP

An aggregation of universally recognized rules and standards in accounting for presenting financial information.

Non-Interest-Bearing Note

A type of promissory note that does not accrue interest over its life, with the borrower repaying only the principal amount borrowed.

Net Carrying Value

The current book value of an asset or company after subtracting total liabilities from total assets.

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