Examlex
In a limited partnership, only the general manager is involved in the day-to-day operations; however, all partners share in the profits.
Full Disclosure Principle
An accounting principle requiring that financial statements present all relevant information about the business's financial condition and performance.
FOB Shipping Point
A term used in shipping agreements indicating that the buyer is responsible for the goods and the cost of shipping as soon as the goods leave the seller's premises.
Goods In Transit
Items being transported from one location to another, which have not yet reached the recipient or destination point.
Purchaser's Inventory
Goods and materials that a business holds for the ultimate goal of resale.
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