Examlex
Which of the following statements is NOT correct?
U.S.GAAP
United States Generally Accepted Accounting Principles, which is a framework of accounting standards, principles, and procedures used in the U.S.
Fair Value
An estimate of the market value of an asset or liability based on current market prices or valuations of similar transactions.
Long-Term Construction Projects
Large scale construction endeavors that span over a long period, often requiring special accounting methods like the percentage-of-completion method for revenue recognition.
Percentage-Of-Completion Method
An accounting method used to recognize revenue and expenses of long-term contracts as a proportion of the work completed during the period.
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