EFFECTIVE INTERNAL CONTROL Definition

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EFFECTIVE INTERNAL CONTROL is reasonable assurance that operational objectives are achieved, that published financial statements are reliably prepared, and that the entity complies with applicable laws and regulations.

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ECONOMETRICS literally means economic measurement. It is the branch of economics that applies statistical methods to the empirical study of economic theories and relationships. It is a combination of mathematical economics, statistics, economic statistics and economic theory.

UNDERBUDGETED is a line item within a budget to where the budgeted amount is not sufficient to cover the actual amount.

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