MATERIAL is information important enough to change an investor's decision. Insignificant information has no effect on decisions, so there is no need to report it.
LIQUIDATOR is a person appointed by a court of law or unsecured creditors who liquidates assets or preserves them for the benefit of affected parties.
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.
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