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EXECUTE is to carry out an internal control procedure, such as to sign and mail a check after inspecting supporting documents.
CRITICAL ACCOUNTING ESTIMATE is when a company must make assumptions about matters that are "highly uncertain" when the company makes the accounting estimate and either of the following conditions would have a material effect on the company's financial condition, changes in financial condition or results of operations: 1. the company could reasonably have used a different estimate for the current period; or, 2.changes in the estimate are reasonably likely to occur from period to period in the future.
MACRO ENVIRONMENT is the external factors which affect a company's planning and performance, and are beyond its control: e.g, socio-economic, government regulations, legal and technological change.
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