Examlex
All of the following statements are true except:
U.S. GAAP
United States Generally Accepted Accounting Principles, the collection of rules and procedures designed to ensure consistency and transparency in financial reporting.
Estimated Cost
A projection or approximation of the future cost associated with a product, service, project, or investment, often used for budgeting purposes.
Provision
A provision is an amount set aside in the financial statements to cover a future liability or loss.
Dollar Amount
A specific quantity of money expressed in the currency of the United States, represented by the dollar symbol ($).
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