difference between the actual return and that is expected to result from market movements (normal return).
spoilage that is not part of everyday operations. It occurs for reasons such as the following: out-of-control manufacturing processes, unusual machine breakdowns, and unexpected electrical outages that result in a number of spoiled units. Some abnormal spoilage is considered avoidable; that is, if managers monitor processes and maintain machinery appropriately, little spoilage will occur. To highlight these types of problems so that they can be monitored, abnormal spoilage is recorded in a Loss from Abnormal Spoilage Account in the general ledger and is not included in the job costing inventory accounts (work in process, finished goods, and cost of goods sold).
accounting, denotes revenue and expense items that enter fully and directly into the calculation of periodic net income, in contrast to below the line items that affect capital accounts directly and net income only indirectly.
the individual, is a term derived from a solid bold line on Form 1040 and 1040A above the line for adjusted gross income. Items above the line prior to coming to adjusted gross income, for example, can include: IRA contributions, half of the self-employment tax, self-employed health insurance deduction, Keogh retirement plan and self-employed SEP deduction, penalty on early withdrawal of savings, and alimony paid. A taxpayer can take deductions above the line and still claim the standard deduction
Accounts that cover a full accounting period but omit detailed financial information. Abridged accounts are used, for example, to support an initial proposal or to present summary data. See also abbreviated accounts.
Shortened or condensed (but not summarized) version of a written work which preserves the overall meaning, structure, and style of the original version. Also spelled as abridgement. See also abstract, digest, outline, précis, summary, and synopsis.
To cancel or nullify an agreement or contract, either unilaterally or with mutual consent.
Alternative term for strict liability.
Alternative term for pure risk.
Complete internet address that takes one to the exact directory or file of a website. Also called absolute link. See also relative URL.
to assimilate, transfer or incorporate amounts in an account or a group of accounts in a manner in which the first entity loses its identity and is "absorbed" within the second entity. For example, see ABSORPTION COSTING.
incorporates both variable and fixed costs.
Ledger account absorbed into other accounts in the preparation of a financial statement.
method under which all manufacturing costs, both variable and fixed, are treated as product costs with non-manufacturing costs, e.g. selling and administrative expenses, being treated as period costs.
where all costs, both fixed and variable; plus a percentage mark-up for profit; are recovered in the price.
variance from budgeted absorption costing of manufactured product. See also ABSORPTION COSTING.