COMMITTED COSTS Definition

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COMMITTED COSTS are costs, usually fixed costs, which the management of an organization has a long-term responsibility to pay. Examples include rent on a long-term lease and depreciation on an asset with an extended life.

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GAAP is Generally Accepted Accounting Principles or Generally Accepted Accounting Procedures (less common).

FINANCIAL PLANNER is a investment professional who assists individuals with long- and short-term financial goals.

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