SUPERANNUATION FUND see PENSION FUND.
COST IN EXCESS OF BILLINGS, in percentage of completion method, is when the billings on uncompleted contracts are less than the income earned to date. These under-billings result in increased assets. Conversely, where billings are greater than the income earned on uncompleted contracts, a liability, billings in excess of costs, results.
GROSS PROFIT is net sales minus cost of sales.
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