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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DISBURSE/DISBURSEMENT is the paying out of money to satisfy a debt or an expense.

ERROR OF OMISSION is an error which occurs as a result of an action not taken. In accounting, the error occurs when both the entries required for a transaction are completely omitted from the books.

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