CHIPS Definition

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CHIPS is Clearing House Interbank Payment System. A computerized payment system for clearing checks in New York.

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UNIT-LEVEL ACTIVITY, in Activity Based Costing, is an activity that must be done for each unit of production.

COST IN EXCESS OF BILLINGS, in percentage of completion method, is when the billings on uncompleted contracts are less than the income earned to date. These under-billings result in increased assets. Conversely, where billings are greater than the income earned on uncompleted contracts, a liability, billings in excess of costs, results.

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