FLAT LEASE Definition

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FLAT LEASE is a lease where the cost is fixed for a specific period of time.

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CONTRACT REVENUES are the revenues recognized under % of completion method.

ERROR is unintentional misstatements or omissions in financial statements. Errors may involve mistakes in gathering or processing accounting data, incorrect estimates from oversight or misinterpretation of facts, and mistakes in application of principles relating to amount, classification, presentation or disclosure.

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