DEFICIENCY Definition

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DEFICIENCY is a shortcoming in an internal control or an opportunity to strengthen internal controls.

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USEFUL LIFE is the expected period of time, in years, during which a depreciating asset will be productive.

INTERNALLY GENERATED refers to the creation of either tangible or intangible results within the confines of one entity, e.g. internally generated funds are those funds that are realized through the efforts or operations of the entity itself, i.e. the funds were not borrowed or realized through other external means.

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