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Children who have attained theory of mind
GAAP
Generally Accepted Accounting Principles, the standard framework of guidelines for financial accounting used in any given jurisdiction, primarily in the United States.
Expense Recognition
The accounting principle that dictates the timing of reporting an expense in the financial statements, ensuring expenses are recorded when incurred.
Revenue Recognition
The accounting principle that dictates the conditions under which revenue is recognized and recorded, often requiring that revenue is earned and measurable.
Implicit Rate
An interest rate that is indirectly indicated but not explicitly defined, often used in lease agreements to represent the lessor’s return.
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