CONFIRMATION Definition

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CONFIRMATION is a form detailing a particular securities transaction. It is also referred to as a ticket, a trade memo, a trade memorandum or an advice.

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2-WAY MATCHING is the comparison of relevant voucher to purchase order.

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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