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Product Warranty Expense
Costs associated with repairing or replacing products under warranty, recognized by a company as an expense.
Matching Concept
An accounting principle that dictates expenses must be matched with the revenues they help to generate within the same period, to accurately calculate profits.
Estimating
The process of approximating the time, cost, and resources needed to complete a project.
FICA-Social Security
A U.S. government program funded by payroll taxes under the Federal Insurance Contributions Act (FICA) that provides retirement benefits, disability income, and survivor benefits.
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