Examlex
Which of the following is NOT an aspect of speaking in the positive?
GAAP
The collection of standard accounting practices widely recognized for financial reporting is called Generally Accepted Accounting Principles.
Perpetual System
A system for managing inventory accounts that instantly logs inventory sales or acquisitions using computerized point-of-sale systems and software for enterprise asset management.
Ending Inventory
Ending inventory is the total value of goods available for sale at the end of an accounting period, calculated as beginning inventory plus purchases minus cost of goods sold.
Current Assets
Items of value that are likely to be cashed in, sold off, or used up within a twelve-month period or during the standard operational cycle of a company.
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