ABSORPTION PRICING Definition

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ABSORPTION PRICING is where all costs, both fixed and variable; plus a percentage mark-up for profit; are recovered in the price.

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AUDITING STANDARDS provide minimum guidance for the auditor that helps determine the extent of audit steps and procedures that should be applied to fulfill the audit objective. They are the criteria or yardsticks against which the quality of the audit results are evaluated.

STAKEHOLDER is a person, group, organization, or system who affects or can be affected by an organization's actions, e.g. stockholders, employees, vendors, and customers.

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