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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CONTINGENCY is an existing condition involving uncertainty as to possible gain (gain contingency) or loss (loss contingency) that will be resolved by future events. Estimates, such as the useful life of an asset, are not contingencies. Eventual expiration of the asset's utility is not uncertain.

RECEIPT is a written acknowledgment that a specified article, sum of money, or shipment of merchandise has been received.

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