CAPITAL MAINTENANCE contains two concepts, a financial concept and a physical concept. Most entities adopt a financial concept of capital maintenance. Under this concept a profit is earned only if the monetary amount of net assets at the end of the period, excluding distributions/contributions to/from owners, exceeds the monetary amount of net assets at the beginning of the period. Financial capital maintenance is usually measured in monetary units; however, the requirement to report the impact of hyperinflation results in the measurement of assets and liabilities in monetary units of constant purchasing power.
CHIPS is Clearing House Interbank Payment System. A computerized payment system for clearing checks in New York.
MAJORITY INTEREST is an ownership interest greater than fifty percent (50%) of the voting interest in a business enterprise.
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