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Home Categories Corporate Finance Deal 1%/10 net 30 is when a 1% discount is offered on services or products if paid within 10 days of the 30 day payment agreement. Absolute return is the return that an asset receives over a certain period. Absorptive cost differs from variable cost because it allocates a fixed overhead to each unit of product produced during a period. Accelerated depreciation is any depreciation method that allows you to recognize higher depreciation costs in previous years. Accountability is the acceptance of responsibility for one’s actions. This implies a willingness to be transparent, allowing others to observe and evaluate their work. The responsibility of an accountant is the ethical responsibility of an accountant to those who rely on his work. Regardless of the size of the business, accounting is a necessary function for decision making, cost planning and economic performance measurement. Accounting conservatism is a principle that requires that company accounts be prepared with care and a high degree of verification. The accounting cycle is a process designed to facilitate the financial accounting of business activities for business owners. The accounting equation is considered the basis of the double-entry bookkeeping system.