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Compliance with accounting standards by reporting entities in the public sector is required by:
Net Income
The total profit of a company after all expenses, taxes, and losses have been subtracted from total revenue.
Gross Profit
The difference between sales revenue and the cost of goods sold, indicating the efficiency of a company in managing its production and labor.
Operating Expenses
Costs associated with running a company's core business activities but not directly tied to production.
Cost Of Goods Sold
The total of all costs used to create a product or service, which has been sold.
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