Topic 1, Sub-Topic 1
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GAAP in determining the elements of computed value

GAAP in determining the elements of computed value

  • Refers to the recognized consensus or substantial authoritative support, within a country at a particular time as to which economic resources and obligations should be recorded as assets and liabilities. Recordings of expenses are, in general, controlled in a given country¬†
  • In general, all cost not covered by Article 6 would be considered as general expenses or overhead and would include such costs as:
    • Rent
    • Electricity, water, heat and other utilities
    • Legal fees
    • Office salaries
    • Office equipment
    • Marketing expenses
    • Telephone and telegraph
    • Employee benefits