ORDINARY ASSET Definition

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ORDINARY ASSET is a non-capital asset used for business purposes. See CAPITAL ASSET.

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EFFECTIVE DATE OF INTEREST is the market rate at time of a debt issue.

CONTINUING ACCOUNTING SIGNIFICANCE means matters normally included in the permanent audit documentation, such as the analysis of balance sheet accounts, and those relating to contingencies. Such information from a prior year is used by the auditor in the current year's audit and is updated each year.

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