ADMITTED ASSETS are assets whose values are permitted by state law to be included in the annual statement.
INCOME THEORIES try to identify the real profit of an organization. The difficulty here is that you need to define whose income you are measuring, and that limiting income measurements to things that can be given a price devalues goods and services that are difficult or impossible to price.
ORDINARY ASSET is a non-capital asset used for business purposes. See CAPITAL ASSET.
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