GROSS REVENUE Definition

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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.

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OPEN ITEM is a contractual or scheduled commitment that is not yet reflected in Financial Accounting but will lead to actual expenditures in the future, e.g. a purchase order that is not shipped in full will list those unshipped items as open items within the shipping invoice.

LIFO RESERVE is the difference between the ending inventory under LIFO and FIFO (or other method that might be chosen).

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