CONDENSED FINANCIAL STATEMENTS Definition

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CONDENSED FINANCIAL STATEMENTS are presented in considerably less detail than complete financial statements.

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NOL see Net Operating Loss.

STANDARD COST is production or operating cost that is carefully predetermined. A standard cost is a target cost that should be attained. The standard cost is compared with the actual cost in order to measure the performance of a given costing department or operation. See STANDARD COST SYSTEM.

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