ACCOUNTING TERMS - ACCOUNTING DICTIONARY - ACCOUNTING GLOSSARY
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CHAPTER S or SUBCHAPTER S Definition
CHAPTER S or SUBCHAPTER S is a legal corporate entity organized under the United States Federal Tax Code that allows Subchapter S Corporations to distribute all income / loss proportionately to its shareholders, who then claim that income / loss on their personal income taxes; thereby avoiding the payment of corporate taxes.
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UNABSORBED COSTS occurs when the cost structure does not fully reflect all variable and/or fixed costs.
USEFUL LIFE is the expected period of time, in years, during which a depreciating asset will be productive.