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