ACCOUNTING TERMS - ACCOUNTING DICTIONARY - ACCOUNTING GLOSSARY
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INTERNAL CONTROL WEAKNESS Definition
INTERNAL CONTROL WEAKNESS is a defect in the design or operation of internal controls.
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DEFERRED TAX ASSETS have an effect of decreasing future income tax payments, which indicates that they are prepaid income taxes and meet definition of assets. Whereas deferred tax liabilities have an effect of increasing future years income tax payments, which indicates that they are accrued income taxes and meet definition of liabilities.
WHOLLY OWNED SUBSIDIARY is an entity whose parent owns virtually 100% of its common stock.