Definitions of Terms

Deferred gross profitThe gross profit from a sale that is recognized in future periods because of the uncertainty surrounding the collection of the sales price.
Return privilegeA right granted to a buyer by express agreement with a seller or by customary industry practice that allows the buyer to return merchandise to the seller within a stated period of time.

Get Wiley GAAP 2008 now with the O’Reilly learning platform.

O’Reilly members experience books, live events, courses curated by job role, and more from O’Reilly and nearly 200 top publishers.