ADMITTED ASSETS Definition

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ADMITTED ASSETS are assets whose values are permitted by state law to be included in the annual statement.

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NON-EXPENSE CASH DISBURSEMENT is spending not shown on the income statement, i.e., the expenditure of cash on something that does not appear on the profit-and-loss statement, for example, spending on a fixed asset or discharging part or the entire principal in a debt.

WHOLESALE is the selling of goods to retail merchants; usually in large quantities for resale to consumers.

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