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Substantially Completes
A phrase indicating that a project or task is nearly finished or that a significant portion of the work has been accomplished.
Cash Basis
An accounting method where revenues and expenses are recorded only when cash is received or paid out.
Mismatching Problems
Issues that arise when expenses are recognized in a different period than the revenues they help to generate, potentially distorting financial statements.
Accrual Accounting
An accounting method where revenue and expenses are recorded when they are earned or incurred, regardless of when cash is exchanged.
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