FINANCIAL SCHEDULE Definition

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FINANCIAL SCHEDULE, contained in an audited annual report, summarizes the audited financial position of the audited entity. Other application of the term is the scheduling of amounts, not necessarily by date, of major financial events by any given category as to projected receipts, payments, costs, etc.

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STATUTORY MERGER is a merger where one entity remains as a legal entity, instead of a new legal entity being formed. See also STATUTORY CONSOLIDATION.

FULLY DEPRECIATED is when an asset has already been charged with the maximum amount of depreciation allowed by the taxing authority for accounting purposes.

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