Describe How the Inventories of Manufacturers Differ from the Inventories

question 24

Essay

Describe how the inventories of manufacturers differ from the inventories of retailers.

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Definitions:

GAAP

Generally Accepted Accounting Principles (GAAP) are a set of rules and standards used in the United States for financial reporting.

Implementation

The process of putting a decision or plan into effect; execution of a plan or policy.

Advantages

The beneficial factors or positive attributes that contribute to the success or competitiveness of something.

Accounting Standards Board

An organization responsible for establishing and improving financial accounting and reporting standards to ensure clarity, consistency, and comparability of financial statements.