ERROR OF OMISSION Definition

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ERROR OF OMISSION is an error which occurs as a result of an action not taken. In accounting, the error occurs when both the entries required for a transaction are completely omitted from the books.

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EBIDA is Earnings Before Interest, Depreciation And Amortization.

COST-TO-COST METHOD, in construction contracts, is an estimate of completion in which the state of completion is the ratio of costs incurred as of a given date divided by the estimated total project cost. See also PERCENTAGE OF COMPLETION METHOD OF ACCOUNTING.

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