AUTHORIZED CAPITAL STOCK Definition

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AUTHORIZED CAPITAL STOCK is the maximum number of shares of common stock that can be issued under a companys Articles of Incorporation. Issued shares are normally less than the number of authorized shares.

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X-INEFFICIENCY is the failure to minimize costs or maximize returns. (Sometimes referred to as X-efficiency, but carrying the same meaning.)

LAPPING is a scheme to cover an embezzlement by using payments made by one customer to reduce the receivables balance of another customer.

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