Examlex
Explain the difference between resource stocks and resource flows.
General Ledger
A record of all financial transactions divided into accounts and usually compiled at the end of each month.
Balance Sheet
A financial statement that shows a firm’s assets, liabilities, and owner’s equity.
Income Statement
A financial statement that shows the revenue and expenses of a firm, allowing you to calculate the profit or loss produced in a specific period of time.
GAAP
Generally Accepted Accounting Principles; a common set of accounting principles, standards, and procedures that companies must follow when they compile their financial statements.
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