ABSORBED COSTS Definition

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ABSORBED COSTS incorporates both variable and fixed costs.

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13TH PERIOD in the fiscal year is the period used for fiscal year-end adjusting entries (periods 1-12 being the months in the fiscal year).

CONTINGENCY BUDGET is the amount of money required to implement a contingency plan. If an authorized entity approves a contingency plan, it would normally set aside a contingency budget, which would only be called upon if the contingency plan had to be implemented.

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