What is GAAP? Learn about Generally Accepted Accounting Principles, Requirements and More

A Definition of GAAP GAAP is an acronym for Generally Accepted Accounting Principles. Investopedia defines GAAP as, “The common set of accounting principles, standards and procedures that companies use to compile their financial statements. GAAP are a combination of authoritative standards (set by policy boards) and simply the commonly accepted ways of recording and reporting …

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What is MIL-STD-130? Learn About Specifications, Markings and Requirements for Military Standard 130

A Definition of MIL-STD-130 Military Standard 130 (MIL-STD-130) contains a detailed set of requirements and specifications for identification marking of U.S. military property. The standard practice involved in MIL-STD-130 has undergone some revisions, including MIL-STD-130N, which was released in December 2007 and MIL-STD-130N w/ Change 1, which was released in November 2012. MIL-STD-130 is just one of …

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U.S. DoD Supports a Continuing Requirement for IUID

Recently, we updated you on the DoD’s reaffirmation of its commitment to Item Unique Identification (IUID) when it republished Department of Defense Instructions (DODI) 8320.04, “Item Unique Identification Standards for Tangible Personal Property”. That naturally leads to the question: “How is an acquisition program supposed to implement IUID?” The answer is pretty simple. This is …

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50 Top Inventory Control Learning Resources: The Best Articles, Tutorials, Videos, Webinars (and More) to Help You Master Inventory Control

Inventory control, sometimes also referred to as inventory management, is a way of using inventory most effectively to keep costs to a minimum. While inventory management often centers on getting inventory to the right place at the right time, inventory control is the more practical side of inventory management because it focuses on costs and …

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