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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FIXED COSTS are operating expenses that are incurred to provide facilities and organization that are kept in readiness to do business without regard to actual volumes of production and sales. Fixed costs remain relatively constant until changed by managerial decision. Within general limits they do not vary with business volume. Examples of fixed costs consist of rent, property taxes, and interest expense.

REQUISITION is a written request to buy something. Usually, once approved, the requisition is then transformed into a purchase order.

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