LOSS Definition

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LOSS, in finance, is when expenses exceed sales or revenues, i.e. goods or services are sold for less than their cost.

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SHORT TERM LIABILITY is a liability that will come due within one year or less.

POSITIVE ASSURANCE, in accounting, is a statement as to what the CPA believes. An example is an opinion that the financial statements are presented fairly in conformity with U.S. GAAP. The opposite is negative assurance, a statement about what the CPA does not know. A statement that the CPA was "not aware of material modifications that should be made to financial statements for them to conform with U.S. generally accepted accounting principles" is negative assurance used in review reports.

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