GOODS Definition

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GOODS, generally, is cargo shipped by land, sea or air. In asset-based finance, the term goods refers to equipment or inventory.

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APB is Accounting Principles Board or an Accounting Principles Board opinion (GAAP).

INDEPENDENT AUDIT is an examination of financial statements conducted by an outside CPA (one not employed by the firm being examined) according to generally accepted auditing standards (GAAS) for the purpose of expressing an opinion as to whether the statements are a fair presentation in accordance with generally accepted accounting principles (GAAP).

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