The GAAP can vary from country to country. Fixed assets (FA) are long-term and will likely provide benefits to a company for more than one year, such as a real estate, land or major machinery. 3. Cost of goods sold (COGS) definition: The direct expenses related to producing the goods sold by a business. The RMG industry is the only mu lti-billion-dollar manufacturing and export industry in Bangladesh. Choose from 500 different sets of terms accounting industry managerial analysis flashcards on Quizlet. A credit is one half of the double entry accounting system that ensures a balance in one's accounting records. A balance sheet is a financial statement used to determine the financial health of a company. Plain language definitions with sample applications. An example of a long-term liability would be a multi-year mortgage for office space. Certain types of accounts will be increased or decreased on the credit side, depending on the transaction. Accounting cushion. 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