ADVANCE Definition

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ADVANCE is an amount paid before it is earned, e.g. payment ahead of actual expenditures or phase completion of a construction project.

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CRITICAL ACCOUNTING ESTIMATE is when a company must make assumptions about matters that are "highly uncertain" when the company makes the accounting estimate and either of the following conditions would have a material effect on the company's financial condition, changes in financial condition or results of operations: 1. the company could reasonably have used a different estimate for the current period; or, 2.changes in the estimate are reasonably likely to occur from period to period in the future.

ERP can mean either Enterprise Resource Planning or Early Retirement Program. See ENTERPRISE RESOURCE PLANNING.

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