ACCOUNTING DIVERSITY Definition

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ACCOUNTING DIVERSITY is the recognition that many diverse national and international accounting standards exist in the world.

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GROSS REVENUE is income (at invoice values) received for goods and services over some given period of time. See also GROSS SALES.

CYCLE COUNT is a partial count of a single inventory location as opposed to a Complete Count, i.e., a complete count of a single inventory location. An organization should not wait to do a complete count; usually once a year. The best way to ensure that a minimum of 97% accuracy is maintained in inventory on an ongoing basis is to continually count your products. That is, count part of your inventory every day, and count each item several times per year. This process is called "cycle counting."

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