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U.S. GAAP
Generally Accepted Accounting Principles in the United States, a framework of accounting standards, principles, and procedures.
Income Statement
A financial statement that reports a company's financial performance over a specific accounting period, detailing revenues, expenses, profits, or losses.
Sole Proprietorship
A business ownership structure where a single individual owns the company and is responsible for its debts and liabilities.
Capital Maintenance
An accounting concept aimed at preserving the initial capital of the company, adjusting for inflation or financial performance.
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