GAAP Is the Acronym for Generally Accepted ________ Principles

question 60

Multiple Choice

GAAP is the acronym for generally accepted ________ principles.

• A)auditing
• B)accounting
• C)averaging
• D)associated

---

Definitions:

Inventory

The stock of goods, materials, parts, and products that a business holds to fulfill future sales or production needs.

DRP System

A DRP System, or Distribution Requirements Planning, is a software used in inventory management and logistics planning, focusing on improving the distribution and fulfillment of goods.

Inbound Materials

Raw materials or goods that are being received by a facility from suppliers for the purpose of production or resale.

Finished Goods

Products that have completed the manufacturing process and are ready to be sold or distributed to customers.