MATERIAL Definition

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MATERIAL is information important enough to change an investor's decision. Insignificant information has no effect on decisions, so there is no need to report it.

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PHYSICAL INVENTORY is the counting of all merchandise or equipment on hand.

JOINT STOCK COMPANY is a company that has some features of a corporation and some features of a partnership. This type of company has access to the liquidity and financial reserves of stock markets as a corporation, however, as in a partnership; the stockholders are liable for company debts and have additional restrictions of a partnership.

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