UNIT-OF-WORK-PERFORMED METHOD Definition

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UNIT-OF-WORK-PERFORMED METHOD is where revenue and cost of sales are recorded as units of work are delivered. This is most suitable to production-type contracts where many units of a product are produced in a continuous process, e.g. automobile manufacture.

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LIMITED PARTNER is a partner in a venture who has no management authority and whose liability is restricted to the amount of his or her investment.

SUBSTANTIATED is where the subject is supported with proof or evidence.

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