ABSORPTION PRICING Definition

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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UNLIMITED LIABILITY is full liability for the debt and other obligations of a legal entity. The general partners of a partnership have unlimited liability.

SIGNIFICANT DEFICIENCY, in finance, is an internal control shortcoming in a highly important control area or an aggregation of such deficiencies that could result in a misstatement of the financial statements that is more than inconsequential.

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