FLP Definition

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FLP is Family Limited Partnership.

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VALUATION ALLOWANCE/RESERVE is an allowance to provide for changes in the value of a companys assets, such as depreciation or if an asset is deemed impaired.

PRODUCT COST is cost of inventory on hand, also called Inventoriable Cost. They are assets until the products are sold. Once they are sold, they become expense, i.e. Cost of Good Sold (COGS). All manufacturing costs are product costs, e.g., direct material, direct labor, and factory overhead.

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