MANAGEMENT CONTROL SYSTEM is essentially a strategic tool for holding managers accountable and responsible for their performance. Existence of such a system also provides feedback for managers to know how they perform, in which direction the organization is heading, and what type of course correction may be required to stay on course.
ACCRUED EXPENSES are expenses incurred during an accounting period for which payment is postponed.
DISCOUNT is a decrease in value (often due to interest to be earned) or decrease in price.
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