GAAP's Definition for Inventory and Provision of Guidelines for Inventory

question 188

Short Answer

GAAP's definition for inventory and provision of guidelines for inventory accounting, as compared to IFRS are: IFRS:

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Definitions:

Central Processing Unit

The primary component of a computer that performs most of the processing inside a computer.

Main Memory

The principal storage in a computer in which data and programs are temporarily stored for quick access by the processor.

Secondary Storage

A non-volatile storage medium used for keeping data permanently, as opposed to the volatile primary storage or main memory.

Input Device

A hardware component used to enter data or instructions into a computer system.