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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SEPARATE VALUATION CONCEPT is a recording and measurement rule that relates to the determination of the aggregate amount of any item. In order to determine the aggregate amount of an asset or a liability, each individual asset or liability that comprises the aggregate must be determined separately. This is important because material items may reflect different economic circumstances. There must be a review of each material item to comply with the appropriate accounting standards.

SEVERANCE TAX is levied on production of natural resources taken from land or water bottoms within the territorial boundaries of a state.

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