DEVIATION Definition

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DEVIATION is the departure from prescribed internal control. Often expressed as a rate at which the departure occurs.

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NEGATIVE DOLLAR is a dollar that is owed to another entity.

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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