ACCOUNTING TERMS - ACCOUNTING DICTIONARY - ACCOUNTING GLOSSARY
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INHERENT LIMITATION Definition
INHERENT LIMITATION is whether the potential effectiveness of an entity's internal control is subject to inherent limitations, e.g., human fallibility, collusion, and management override.
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PRIME RATE is the interest rate that banks charge to their preferred customers. Changes in the prime rate influence changes in other rates; mortgage interest rates for example.
PERSONAL EQUITY is that portion of equity ownership that is held to ones own benefit or invested as an integral part of the assets of a legal entity.