principles of
accounts If everyone involved in the process of
accounting followed their own system, or no system at
all, there's be no way to truly tell whether a company
was profitable or not. Most companies follow what are
called generally accepted accounting principles, or
GAAP, and there are huge tomes in libraries and
bookstores devoted to just this one topic. Unless a
company states otherwise, anyone reading a financial
statement can make the assumption that company has
used GAAP.

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