INVENTORY OBSOLESCENCE is when inventory is no longer salable. Possibly due to too much inventory on hand, out of fashion or demand. The true value of the inventory is seldom exactly what is shown on the balance sheet. Often, there is unrecognized obsolescence.
AUTHORIZE / AUTHORIZATION is to give permission for. For example, a manager authorizes a transaction by signing a voucher authorizing the disbursement.
GAAP is Generally Accepted Accounting Principles or Generally Accepted Accounting Procedures (less common).
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