CONTRIBUTED SURPLUS Definition

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CONTRIBUTED SURPLUS is money a company receives by selling shares above par value or their stated value, or from government donation of land to the company, etc. Contributed Surplus is a balance sheet item that is part of the shareholders' equity.

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CAPITAL ASSET is a long-term asset that is not purchased or sold in the normal course of business. Generally, it includes fixed assets, e.g., land, buildings, furniture, equipment, fixtures and furniture.

EFFECTIVENESS is producing a desired outcome. An audit procedure is effective if the evidence supports a correct conclusion.

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