DISCLAIMER Definition

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DISCLAIMER is a statement that the auditor is unable to express an opinion as to the presentation of financial statements in conformity with U.S. GAAP.

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CURRENT MATURITIES-L/T/D is that portion of long term obligations which is due within the next fiscal year.

OVERHEAD RATE is calculated by totaling all your expenses for one year, excluding labor and materials, and then divide this number by your total cost of labor and materials.

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