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The final step of the decision-making process is the development of alternatives.
Net Income
The total earnings or profit of a company after all expenses and taxes have been deducted from revenue.
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.
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