GATT Definition

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GATT (GENERAL AGREEMENT ON TARIFFS AND TRADE) is a multilateral treaty that aims to reduce trade barriers and increase trade. The GATT was an interim treaty process that has now culminated in the World Trade Organization (WTO).

Learn new Accounting Terms

COMPENSATING ERROR is the name given to the situation where one mistake cancels out the effect of a second mistake.

MANUFACTURING OVERHEAD is the total cost of indirect labor, indirect materials, and other indirect expenses associated with manufacturing products.

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