INHERENT LIMITATION Definition

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INHERENT LIMITATION is whether the potential effectiveness of an entity's internal control is subject to inherent limitations, e.g., human fallibility, collusion, and management override.

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UNAPPROPRIATED PROFITS are those profits that have been withdrawn from a business by its proprietors or appropriated for any other purpose.

ACCOUNTS RECEIVABLE TURNOVER is the ratio of net credit sales to average accounts receivable, which is a measure of how quickly customers pay their bills.

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