ACCOUNTING TERMS - ACCOUNTING DICTIONARY - ACCOUNTING GLOSSARY
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K-1, SCHEDULE Definition
K-1, SCHEDULE is an IRS form used to report a beneficiarys share of income, deductions, credits, and other items from certain trusts or partnerships.
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UNDERABSORBED OVERHEAD is where total overhead has not been fully allocated to products sold or services offered. Such a condition can result in an understatement of COGS or cost of sales.
LCM is Lower of Cost or Market.