GAAP Has Established a Universal Chart of Accounts That Is

question 31

True/False

GAAP has established a universal chart of accounts that is applicable to all businesses in the United States.

---

Definitions:

Gross Profit

The financial difference between the revenue generated from sales and the cost of goods sold, not accounting for other operating expenses.

Liabilities

Liabilities refer to the financial obligations or debts that an entity owes to others, which must be settled through the transfer of assets or providing services.