GAAP
GAAP is a set of standardized accounting rules, principles, and procedures used in the U.S. to ensure consistency, transparency, and comparability in financial reporting. GAAP governs how financial statements are prepared and is enforced by regulatory bodies like the SEC and guided by the FASB.
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Gross Book Value
The original cost of a fixed asset before any depreciation is deducted. It reflects the purchase price and installation costs.…
Goods in Transit
Inventory that has been shipped by the seller but not yet received by the buyer. Depending on shipping terms (FOB…
Gross Sales
Gross sale is the total unadjusted sales revenue a business earns before returns, discounts, or allowances. It gives a top-line…
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