GAAP Definition

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

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SG&A refers to the indirect overhead costs contained within the Sales, General and Administrative expense/cost categories. Generally, SG&A expenses of <30% are exceptional, while SG&A approaching 100% indicates a highly competitive industry. Consistency of SG&A is key.

BLANKET AUTHORIZATION is direct authority to act without having to gain approval for each action. For example: "Blanket authorization was given to him for all his business travel".

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