Grades And Standards

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.

Standards Of Identity For Food

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

Profit And Loss Statement

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

Profit And Loss Account

Business / Accounting / Profit And Loss Account: An account made up of revenue and expense accounts which shows the current profit or loss of a business (ie. whether a business has earned more than it has spent in the current year). Often referred t MORE

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