BILLINGS IN EXCESS OF COSTS Definition

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BILLINGS IN EXCESS OF COSTS see COST IN EXCESS OF BILLINGS.

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CAPITALIZED is when something is recorded as an asset. For example, a capitalized lease is in substance a purchase to the lessee. An asset is recorded equal to the present value of the lease payments, which is also recorded as a liability. Payments, partly interest and partly principal, are made on the lease liability. The leased asset is depreciated by the lessee as though it were legally owned by the lessee.

OVERAGE is that amount, as in money or goods, that is actually on hand and exceeds the desired or listed amount in records or books. Also known as SURPLUS.

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