FIXED FEE Definition

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FIXED FEE is a set price for the completion of a project. It is easier for the customer to budget, but provides higher risk for the contractor due to cost overruns.

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MISSTATEMENT is a difference between the amount, classification, presentation, or disclosure of a reported financial statement item and the amount, classification, presentation, or disclosure that is required for the item to be in accordance with the applicable financial reporting framework.

JOINT ACCOUNT is a financial account owned by two or more persons who share equally in the rights and liabilities of the account.

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