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GAAP
See generally accepted accounting principles.
Generally accepted accounting principles
Generally accepted accounting principles (GAAP) are the financial reporting standards in the United States. GAAP is developed by the FASB under the supervision of the United States Securities and Exchange Commission.
Gross Profit
Gross profit is a company’s profit after deducting the cost of sales. It is before operating expenses and taxes. Gross profit is also called gross margin. Gross profit is sales revenue minus cost of sales (cost of goods sold). Gross profit is found on the income statement.
Gross Profit Margin
Gross profit margin is a company’s gross profit margin as a percent. Gross profit is after deducting the cost of sales but before operating expenses and taxes. Gross profit is sales revenue minus cost of sales (cost of goods sold). Gross profit appears on the income statement.
