ABSORPTION COSTING Definition

ABSORPTION COSTING is the 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.

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AGENCIES is securities issued by various agencies of the U.S. Government, such as the Federal National Mortgage Association.

GENERAL PARTNERSHIP is one or more partners who are jointly and severally responsible or liable for the debts of the partnership.

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