STABLE MONETARY UNIT CONCEPT Definition

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STABLE MONETARY UNIT CONCEPT allows accountants to ignore the effect of inflation in the accounting records.

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CAPITAL STRUCTURE refers to the permanent long-term financing of a company. Capital structure normally includes common and preferred stock, long-term debt and retained earnings. It does not include accounts payable or short-term debt.

SKIP PERSON is a transfer of property to a person who is in a generation below a child of the transferor, referred to as a "skip" person, typically a grandchild or great grandchild.

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