What Is GAAP, How Is It Currently Defined, and What

question 31

Essay

What is GAAP, how is it currently defined, and what is the outcome of the due process?

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Definitions:

Extraorganizational

Pertaining to activities or influences that are outside the scope or boundaries of a single organization.

ERP

Stands for Enterprise Resource Planning, a type of software that organizations use to manage day-to-day business activities such as accounting, procurement, project management, and manufacturing.

MRP

Material Requirements Planning, a computer-based inventory management system designed to assist production planning and inventory control.

TPS

A kind of information system, the Transaction Processing System, focuses on the accumulation, storage, modification, and retrieval of transactional data from an organization.