DISC Definition

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DISC is Domestic International Sales Corporation.

Learn new Accounting Terms

CLAIMS OUTSTANDING, in general, is the difference between claims against assets (liabilities) and claims settled/paid. Within the insurance industry it would be the difference between insurance claims filed and claims settled/paid.

CONTROL RISK is the risk that material error in a balance or transaction class will not be prevented or detected on a timely basis by internal controls.

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