Excerpt from Public Service Commission of Maryland: Regulations Prescribing an Uniform System of Accounts for Gas Corporations, Issued by Order of the Commission, June 12, 1911
By Capital as herein used, is meant all property of a corporation devoted to the rendering of the services or the production of the commodities which are within the purposes of the corporation.
Fixed Capital is capital which has an expectation of life in service of more than one year (exception being made of hand and other small portable tools liable to be lost or stolen)
Fixed Capital is divisible into:
(a) Original Capital.
That put into service at the outset of an enterprise.
(b)Additions.
Such additional structures, facilities or equipment as do not take the place of anything previously existing.
(c)Betterments.
The enlargement or improvement of existing structures, facilities and equipment.
(d)Renewals.
All extensions of terms of years in land and tangible fixed capital and all extensions of the life period of franchises and other intangible fixed capital.
(e)Replacements.
All substitutions for capital exhausted or become inadequate in service, the substitutes having practically no greater capacity than the things for which they were substituted.
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