Business / Agriculture / Grades And Standards: The segregation, or classification, of agricultural commodities into groupings that share common characteristics. Grades provide a common 'trading language,' or common reference, so that buyers and sellers can more easily determine the quality (and therefore value) of those commodities. Two USDA agencies—the Agricultural Marketing Service and Grain Inspection, Packers, and Stockyards Administration—serve as objective sources for this information. These agencies develop common grades and standards and conduct inspection and grading services for most food and farm products, and industry pays for most of the cost through user fees.
Business / Agriculture / Standards Of Identity For Food: Mandatory, federally-set requirements that determine what a food product must contain in order to be marketed under a certain name in interstate commerce. Mandatory standards (which differ from volunt MORE
Business / Real Estate / Profit And Loss Statement: A detailed statement of income and expenses of a business that reveals the operating position of the business over a period of time. Commonly referred to a P&L. MORE