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GAAP specifies three conditions that must be satisfied in order for revenue to be appropriately recognized.
Accumulated Earnings
The total net income retained in a company for growth, expansion, and/ or reserve purposes, not distributed as dividends.
Financial Statements
Financial statements are formal records of the financial activities and position of a business, person, or other entity, presented in a structured manner.
Sales
The total revenue generated from goods or services sold by a company within a specific period.
Capital Gains
The income gained when the selling price of assets such as stocks, bonds, or real estate surpasses their original buying price.
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