Which financial statement is the most important?
Accounting reports are periodic statements that present the financial status of a company at a certain point in time, or over a stated time-period. The balance sheet is a report that summarizes all of an entity's assets, liabilities, and equity as of...
Absorption dictionary definition
Under an absorption cost method, management can push forward costs to the next period when products are sold. This artificially inflates profits in the period of production by incurring less cost than would be incurred under a variable costing system...