OPERATING EFFECTIVENESS Definition

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OPERATING EFFECTIVENESS is how an internal control was applied, the consistency with which it was applied, and by whom.

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NOMINAL means small payment, or value.

ACCOUNTING ESTIMATE is an approximation of a financial statement element. Estimates are included in historical financial statements because some amounts are
uncertain pending outcome of future events and relevant data about events that have occurred cannot be accumulated on a timely, cost-effective basis.

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